Markel to invest in luxury leather brand Brahmin
Markel Corporation has entered into a definitive agreement with leather goods brand Brahmin to acquire a majority interest in the label.
The transaction between Markel subsidiary Markel Ventures and the brand is subject to customary closing conditions and is scheduled to close in the fourth quarter of this year.
"It was quickly identified when Markel and Brahmin were introduced that both share the same business vision and culture," said Susan Thacker, Brahmin CEO, in a release. "Scott [Martin] and I look forward to Brahmin's continued growth with the Markel partnership."
Brahmin is co-owned by Bill, Joan, and Scott Martin, and Markel representatives believe the familial connection will be a boon to the partnership.
"We were fortunate to be introduced to the Martins and the Brahmin brand by a member of our own family – immediately, we recognized the shared values of our two organizations," said Tom Gayner, co-CEO at Markel Corporation.
Markel Corporation is a financial holding company serving business and specialty insurance markets. Through Markel Ventures, Markel makes investments in businesses that operate outside of the insurance marketplace, allowing for a high degree of autonomy in long-term partnerships.
Brahmin was founded in 1982 and produces handbags, purses, wallets and customizable leather accessories.
Additional terms of the agreement between Brahmin and Markel were not disclosed.
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