AFP is reporting that the Ferragamo group has sold the Emanuel Ungaro fashion house to a US High Tech investor. Ferragamo bought the fashion house in 1996. Pakistan-born Asim Abdullah, 42, who made his fortune in the tech industry as an executive and investor purchased the group. The terms of the deal were not disclosed.
This is the second high profile purchase of a fashion house by an American group. Earlier this year the Christian Lacroix couture business was purchased by the Falic group.
Emanuel Ungaro started the line in 1965 and is known for bright floral prints, men and women’s wear, accessories and perfumes.