Smythson acquisition signals Oakley Capital’s deeper move into luxury heritage portfolios

Smythson of Bond Street, the 137-year-old British purveyor of leather goods and paper-based luxury, has secured a new chapter in its storied evolution through investment from Oakley Capital. The move positions Smythson within Oakley’s increasingly focused play on heritage-led, high-margin lifestyle brands via its Iconic BrandCo platform.

The transaction signals Oakley’s continued confidence in the resilience and global growth potential of niche European luxury. It also reflects a broader shift within the mid-market private equity landscape, where investors are actively targeting legacy labels with strong storytelling and untapped digital upside.

Smythson joins a growing stable of brands under Oakley’s Iconic BrandCo, including Globe-Trotter, Connolly, and Alessi. The firm has recently deepened its position with investments in Fornasetti and Fabbrica Pelletterie Milano. Together, these acquisitions build a portfolio rich in craftsmanship and cultural capital, qualities that remain bankable in a fragmented global luxury market increasingly polarised between ultra-luxury giants and agile, digitally native independents.

Smythson’s new CEO Paolo Porta, previously of Jimmy Choo and Hunter, is expected to lead the brand’s next wave of growth with a strategic emphasis on international expansion, particularly in the US, Europe, and Japan. The plan includes an overhaul of digital distribution, broader franchising, and renewed focus on cross-category collaborations.

This aligns with Oakley’s stated investment thesis: improving digital operations, expanding global retail presence, and unlocking operational efficiencies. Importantly, the company has retained its manufacturing relationship with Tivoli Group, maintaining continuity across its leather supply chain—a detail likely to reassure loyal customers and stockists.

British heritage brand

Founded in 1887 and best known for inventing the portable diary, Smythson’s reputation rests on a blend of British design restraint and material finesse. While the brand commands a devoted client base and boasts a royal warrant, it has remained relatively niche in scale—something Oakley now aims to change.

According to Oakley Capital’s CEO Peter Dubens, the acquisition underscores a belief that heritage brands “cannot be created overnight.” Vicente Castellano, the group’s operating partner overseeing Iconic BrandCo, described Smythson as “a real milestone” in building a portfolio of global lifestyle businesses. Both executives see the opportunity to scale Smythson’s proposition, anchored in utility, craftsmanship, and aesthetic precision, into a broader global offer without diluting its core DNA.

While Smythson’s revenue remains undisclosed, market analysts point to the growth trajectory of similarly positioned brands such as Moynat or Serapian, both of which have successfully leveraged heritage into new markets via digital and experiential retail formats.