News: Bahrain-based investment bank Investcorp has agreed to pay $140m to buy luxury design brand Georg Jensen, the Danish luxury brand famous for its silverware and jewellery, from Danish private equity group Axcel.

Investcorp hopes to expand the company, founded by silversmith Georg Jensen in Copenhagen in 1904, into the growing luxury markets of Asia and particularly China.

"Georg Jensen stands to become one of the leading hard luxury brands of the 21st century, leveraging a brand legacy going back more than 100 years and a unique Danish design DNA," said Hazem Ben-Gacem, head of European corporate investment at Investcorp.

Ulrik Garde Due, CEO of Georg Jensen, said it had been necessary to take a long-term view of the company's development. "Investcorp’s commitment to developing the brand will ensure we can further strengthen Georg Jensen’s unique position globally as the leading Danish luxury lifestyle brand," he said.

Investcorp's takeover of Gucci in 1988 and the subsequent appointment of Tom Ford as creative director helped the failing Italian fashion brand to turn its fortunes around and become a huge global business, while its ownership of Tiffany in the 1980s saw the launch of the American jeweller's first outlet in Europe.

Axcel acquired Georg Jensen in 2001 when it was part of the Royal Scandinavia group.

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