Italian state-backed fund to buy 41.2 percent stake of fashion house Missoni

Italian state-backed investment fund Fondo Strategico Italiano (FSI) has agreed to buy 41.2 percent of Italian fashion house Missoni, leaving the remaining controlling stake in the hands of the eponymous founding family. Michele Norsa, a long-time chief executive of rival luxury goods group Salvatore Ferragamo who joined FSI last year, will be appointed as deputy chairman of the label.

The investment will be carried out mainly through a capital increase, with no financial leverage on Missoni, a joint statement said.

The brand famous for its zig-zag decor was founded in 1953 as a knitwear business by couple Ottavio and Rosita Missoni in the small northern Italian town of Gallarate - an area known in the country for the production of high-end textiles.

Their daughter Angela has been at the creative helm of the company in the last two decades.

FSI is controlled by Italian state lender Cassa Depositi e Prestiti which in turn is majority-owned by the Treasury.