Mandarin Capital Puts $57.9M into Italian Textile Co.

Mandarin Capital Partners is pouring 40 million euro ($57.9 million) into Italian textile group Miroglio, Reuters reported. The deal comes as part of a more than $700 million fashion sector investment by the Chinese-European private equity firm, Reuters wrote.

(Reuters) – Mandarin Capital Partners and Italian textile group Miroglio will sign a memorandum of understanding as part of an over $700 million fashion sector investment by the Chinese-European private equity firm, a diplomatic source said on Friday.

Mandarin Capital will make a 40 million euro investment in Miroglio as part of the deal, an executive with Miroglio said.

The agreement is a part of $3.2 billion package of deals due to be unveiled following a meeting between Italian Prime Minister Silvio Berlusconi and China’s Vice President Xi Jinping.

(Reporting by Deepa Babington and Francesca Piscioneri)