Luxury cashmere label Malo has a new owner. The Florence-based brand, founded in 1972 by brothers Alfredo and Giacomo Canessa, has been acquired by Glickman Capital, a U.S. private equity firm managing $2 billion in assets. The firm was founded by entrepreneur David Glickman, who is known for his ventures in tech and telecommunications, including Ultra Mobile and Mint Mobile.

The deal—Glickman Capital’s first major acquisition in the fashion sector—was reportedly finalized on December 22, though it has only now been made public. The transaction covers 85% of Malo’s share capital, with the previous ownership retaining the remaining 15% for now. Glickman Capital already owns Naked Cashmere, a U.S. fashion brand operating exclusively through direct-to-consumer retail.

Production and the brand’s headquarters will remain in Tuscany for the time being, although the company may later relocate to Milan. In the meantime, Glickman has reportedly established two new subsidiaries: Malo US, based in the United States, and Malo Asia-Pacific, targeting expansion in that region.

In 2018, Italian firm Finplace 2, led by entrepreneurs Walter Maiocchi and Luigino Belloni, acquired Malo, ending the brand’s temporary receivership period. Bankruptcy administrator Daniele Fico, under the supervision of the Florence court, had managed the receivership process. Their offer of €9.92 million—just €20,000 above the starting price—was the only bid submitted. Before the acquisition, Quadro Capital Partners controlled Malo but withdrew after the brand declared bankruptcy.

Malo has undergone several ownership changes over the years. In 1999, it became part of the Italian fashion group Ittierre, which held the brand until its financial collapse prompted a sale. Evanthe, a company under Exa S.r.l., acquired Malo in October 2010, followed by Quadro Capital Partners in August 2014.

Last year, the brand opened a 190-square-meter boutique on Via della Spiga in Milan after closing the fiscal year with approximately €15 million in revenue, reflecting double-digit growth.

Glickman Capital, owner of UK football club Leeds United, also holds a diverse portfolio that includes tequila brand Dame Más, pharmaceutical firm Cabinet, several tech, digital and entertainment companies, as well as hospitality ventures. In Italy, the group owns the Sant Ambroeus restaurant and pastry chain.