French luxury group, PPR, has confirmed its acquisition of the Italian menswear brand, Brioni, popular for clothing the likes of the Russian Prime Minister, Vladimir Putin, and also James Bond.

Although the retail group did not disclose the price at which the deal was finalized, reports mention that the value can be at 250 million euros to 300 million euros according to analysts.

Brioni boasts top quality craftsmanship and is synonymous with Italian masculine elegance...We have great ambitions for this fashion house.  We will give it access to our expertise and know-how, so that it can write a new page in its history while continuing to preserve its identity, stated François-Henri Pinault, Chairman and CEO of PPR.

Founded in 1945 by Nazareno Fonticoli and Gaetano Saviani, Brioni is a renowned men's tailoring house and offers customized services.

However, the brand underwent a low phase during the economic downturn that slowed its progress in a major way. The Wall Street Journal mentioned that sales at the group never recovered from a high of 200 million euros in 2007, while, last year, it was around $170 million euros.

Apart from this, internal disputes between the descendents also reportedly further weakened the company.

The market for men's fashion is booming. New consumers in Asia, the primary source of the luxury-goods industry's growth, are male. Brands such as Hermès, Gucci and Ralph Lauren have opened men's-only stores. Men's apparel is growing so fast that it should catch up with the €24 billion women's apparel market this year, the Wall Street Journal quoted Pinault saying.

Brioni is the second acquisition in the Italian luxury goods sector by PPR this year. Earlier, in March, the high-end jeweller company, Bulgari was acquired by LVMH in a deal reportedly valued at 3.7 billion euros.