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Sun 16 Sep 2012 05:50 PM

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British designer wins Middle East cash boost

Amanda Wakeley label is a favourite with Duchess of Cambridge, Jordan’s Queen Rania

British designer wins Middle East cash boost
Catherine, Duchess of Cambridge is a big fan of the Amanda Wakeley fashion label. (Getty Images)

Middle
East-based firm AGC Equity Partners has invested a seven-figure sum in the
fashion label created by British designer Amanda Wakeley, it was reported on
Sunday.

Wakeley,
whose label was launched in 1990 and is popular with the UK’s Duchess of
Cambridge and Jordan’s Queen Rania, will use the funding to develop a global
fashion brand, the UK’s Daily Mail newspaper reported.

“This
investment means that we now have the strongest operational and financial base
in the company’s history,” founder and creative director Wakeley was quoted as
saying.

“I have
been continually pressed by our incredibly loyal customers to broaden the core
fashion concept into a wider lifestyle offering, and with our new investor I
look forward to realising this plan,” she added.

“We are
delighted to be investing in the company at such an exciting point in its
evolving history,” the private equity firm’s chief executive Walid Abu-Suud
said.

It is the
latest linkup between Middle East investors and the fashion world. Qatar's royal
family earlier this year bought Italian fashion label Valentino for a reported
£550m ($851m).

In April
the Gulf state’s sovereign wealth fund was revealed to have acquired a 5.2
percent stake in Tiffany, the US-based jewellery retailer.

The Qatar
Investment Authority also owns Harrods, the luxury London department store, and
a one percent stake in LVMH, the French luxury group which owns Louis
Vuitton.

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