Oakley Capital has acquired heritage British luxury label Smythson as part of a broader investment in iconic European brands.

The deal, executed through Oakley’s investment vehicle Iconic BrandCo, also includes the acquisitions of Italian home furnishings label Fornasetti and premium leather goods maker Fabbrica Pelletterie Milano.

Smythson, established in 1887 and renowned for its high-end diaries and stationery, had been owned by Italy’s Tivoli Group for nearly 16 years. Despite holding two royal warrants and supplying stationery to figures such as Winston Churchill, the company has struggled in recent years. It reported a £6.7m loss before tax on £28.5m in revenue for the fiscal year ending March 2024. This marked a modest improvement from its £8m loss the previous year, as like-for-like sales edged up 4.6%.

Oakley Capital Investments, the listed vehicle backing Oakley’s funds, said it expects to contribute £15m indirectly across the three acquisitions. The specific valuation for the Smythson transaction was not disclosed.

As part of its turnaround strategy, Smythson has begun refining its store network and cutting costs, with a focus on expanding into international markets. The brand closed its flagship store on New Bond Street in 2023 amid a wider retail overhaul.

Oakley co-founder and CEO Peter Dubens commented, “Heritage brands cannot be created overnight, and we are lucky to be able to welcome Smythson to Oakley.”

This move builds on Oakley’s track record in the luxury sector, which includes prior investments in British luggage brand Globe-Trotter and high-end leather goods company Connolly. The firm is now positioning itself as a consolidator of luxury heritage labels with global growth potential.

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