The family-owned Italian e-commerce retailer announced a deal with Milan’s private equity fund Style Capital, which counts a majority stake in Australian label Zimmermann and a minority stake in Italian brand MSGM among its investments.

Style Capital agreed to invest €130 million (about $152 million) in Luisa Via Roma, and current chairman and chief executive Andrea Panconesi will retain 60 percent control of the business.

Luisa Via Roma had been looking for a partner to grow in a competitive global luxury multi-brand market, one dominated by larger competitors. In 2020, Luisa Via Roma said it generated €180 million (about $211 million) in revenue, with more than 90 percent of sales occurring online.

With Style Capital’s investment, the retailer plans to accelerate growth both in Europe and internationally with “the aim to become a publicly listed company,” it said in a statement.

Luisa Via Roma was founded by Panconesi’s family in 1929 and started selling luxury fashion online in 1999.

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