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NEW YORK - J. Lindeberg AB has been sold to Swedish private equity fund Proventus and Swedish financier Stefan Engstrm for an undisclosed sum.
The deal brings about a major restructuring of the company and an end to a contentious period that bottomed out with founder and creative director Johan Lindeberg stepping out of his post for several weeks. He returned in time to fine-tune the spring collection before last month's men's runway show in Milan, with a new title of independent creative director. This redefined role relieves him from involvement in daily operations and allows him to focus on creativity and design. He remains on the board.
Lindeberg was determined not to suffer the same fate as Helmut Lang and Roland Mouret - designers who lost the right to market under their own names - and actively recruited the new investors to take over J. Lindeberg on terms more favorable to him, he said.
The company...