LONDON, United Kingdom — Anya Hindmarch is parting ways with its long-time Qatari backer, after the companies reached an agreement to sell the luxury accessories brand to Iranian-born entrepreneur Javad Marandi and his wife.

The secretive Qatari fund Mayhoola for Investments first acquired a stake in Anya Hindmarch in 2012, building up its ownership to at least 75% of the company by the middle of last year. But the fund — which owns a stable of luxury brands, including Valentino Fashion Group and Balmain — had been seeking an exit after a difficult period of restructuring, during which the brand struggled to turn a profit.

Hindmarch started her business in 1987, her playful designs attracting a dedicated following among celebrities and royalty. But that hasn't been enough to maintain profits; in 2017, the London-based brand reported a pre-tax loss of £28 million ($37 million), according to annual filings.

The Marandis, whose investments also include Soho Farmhouse and Emilia Wickstead, have bought into the brand as it is emerging from its turnaround, which involved significant cost-cutting efforts and a shift from traditional retail to the web.

The companies did not disclose the terms of the transaction. Following the sale, Hindmarch will continue in her role as creative director and remains a member of the board.