Gulf investment firm Investcorp has bought a majority stake in Italian menswear company Corneliani in a deal that values the group at $100 million, its Head of Corporate Investment in Europe Hazem Ben-Gacem told Reuters on Tuesday.

The move is the latest acquisition of a high-end Italian brand by a foreign buyer in a sector targeted by cash-rich investors seeking returns from well-known niche brands.

The deal will see Chairman and Chief Executive Carlalberto Corneliani, 84, cash out alongside his two sons, while his two nephews will retain a minority stake in the company.

Ben-Gacem said the Bahrain-based group entered exclusive talks with Corneliani almost a year ago.

The family-owned company posted revenues of 120 million euros ($147 million) in 2015, with almost 80 per cent of its sales coming from outside Italy.

The deal shows that investment group continues to see Italy as a core market after it purchased Italian sportswear and protective gear maker Dainese from its founders in 2014.

“This is a growth capital investment. We believe luxury menswear is one of the fastest growing segments in the fashion industry and there’s plenty of scope to grow this business,” he added.

In 1993 Investcorp bought half of Florence-based Gucci, now fully controlled by luxury conglomerate Kering .