Vandevelde leads high fashion swoop
Change Capital, the venture capital group headed by former Marks & Spencer chairman Luc Vandevelde, has bought fashion brand Jil Sander from Prada.

Founded in Hamburg, Germany, Jil Sander is expected to produce revenue of more than Eu140 million (£95.6 million) this year and has been controlled by Prada since 1999.

Change Capital plans to expand the brand in emerging markets, as well as expanding its presence in Western Europe, the US and Japan.

Prada chairman and chief executive Patrizio Bertelli said: 'As we focus on the development of the Prada and Miu Miu brands, I am certain Change Capital will be able to provide the necessary investment to grow Jil Sander.

Jil Sander chief executive officer Gian Giacomo Ferraris said: 'We are delighted that we can combine the resources and specialist knowledge of Change Capital with our know-how of the high-end luxury goods industry to develop Jil Sander's business.'