MILAN – In a strategic move, Fornasetti heir Barnaba Fornasetti agreed to sell 60 percent of Immaginazione Srl, the holding company that owns and manages Fornasetti, to Oakley Capital.

The private equity firm operates mostly in Europe and specializes in premium brands. Its portfolio includes luxury luggage firm Globe-Trotter and Italian design firm Alessi.

“This agreement marks a significant moment of transformation for Fornasetti. Our identity and our creative vision will always remain at the core of our project, strengthened by new energies and skills that will guide us through a phase of thoughtful, ambitious and value-oriented expansion,” Barnaba Fornasetti said in a statement.

The son of the late Piero Fornasetti, the Milan-based artist runs the design and decorative arts house his father started in the 1940s and is credited with propelling it into modern times, expanding the product offering and geographic reach and through a variety of collaborations.

Oakley Capital’s operating partner Vicente Castellano said that Oakley plans to accelerate the company on a global level.

“We have a strong track record and have already enjoyed several successful partnerships with iconic brands, such as Globe-Trotter and Alessi. We are delighted to invest in another prestigious Italian brand… to fully realize its untapped potential and transform the brand into a global lifestyle company.”