Italian fashion house Mariella Burani has been approached by investors from the Middle East, the company said.

It has reported the approach after being requested to do by the Italian regulatory Authority on the back of press speculation.

The company said: "Mariella Burani Family Holding SpA confirms that they have received preliminary approaches and indications of interest from Middle Eastern investors with the objective of value creation in Mariella Burani Fashion Group SpA, but no firm proposals have been received."

The Milan-based firm, which makes apparel, knitwear, leather accessories, jewelry and footwear, is also completing a share capital buyback.

Mariella Burani's board has met this week to resolve the implementation of two divisible increases in the share capital, for consideration, for a maximum nominal amount of EUR3.45m (US$4.34m), a company statement said.