UK - Synova-backed Lunan acquires NICA

In July 2008 Synova backed the buyout of Lunan from the group's founders, taking a majority stake in the business. Stuart Lunan rolled over a substantial part of his proceeds.

Lunan is based in London and was founded with the acquisition of the Fiorelli handbag brand in 1995. Fiorelli is sold in more than 500 independent retail outlets and department stores. The company later established Modalu in 2004, a designer of high quality handbags and accessories.

London-based NICA was established in 2004 by designer Nica Kim. Her products range from handbags and luggage to jewellery. The company distributes its products in 25 countries around the world.

Following the acquisition of NICA, TLG is expected to generate a turnover of £50m in 2010 and will employ approximately 100 people. As part of the deal, Mike Hiscock will join the board of TLG and will remain managing director of NICA.

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• Topics
• Expansion
• UK / Ireland
• Consumer