TLG Brands, which owns the Fiorelli, NICA and Modalu fashion labels, is a brand led designer of affordable luxury handbags and accessories.

TLG Brands has significantly grown market share in recent years and the brands themselves are sold throughout the UK in more than 500 independent retail outlets and leading department stores. Over the past three years, the company has successfully launched Fiorelli, NICA and Modalu in a number of international markets, as well as developing a fast growing online retail site.


Founded by brothers Stuart & David Lunan, TLG Brands (formerly The Lunan Group) is the owner of the UK’s leading affordable luxury handbag and accessories brands, Fiorelli, NICA and Modalu. A combination of the Lunan brothers’ desire to crystallise some well-earned value, and David Lunan’s wish to retire, provided an opportunity for Synova to invest in the business, support the recruitment of new management and provide further capital for expansion.


  • 2012International Track 100
  • 53Countries
  • 3xCost multiple on exit
  • Sector:
    Business Services
  • Investment date:
    July 2008
  • Exit date:
    March 2016

CEO – TLG Brands
“Synova are pro-active in the business and support me with everything, whilst challenging and questioning the management team to ensure we are fulfilling the objectives of the business.”


Key drivers within TLG’s business plan were to support overseas growth where international sales had increased rapidly between 2006 and 2008; develop a profitable multi brand e-commerce offering; develop further UK market share by positioning the brands as ‘luxury’ yet affordable and by opportunistically acquiring complimentary brands to add the TLG stable.


Synova instituted a trade buyer focused engagment programme during our period of ownership; we successfully exited TLG to Hong Kong listed Global Brands Group [HK: 787], one of the world’s leading branded apparel, footwear, fashion accessories and lifestyle product companies, realising a return of 3x invested capital.