According to reports, Swiss luxury goods company Richemont has invested in France-based apparel, leather goods and footwear designer Azzedine Alaïa.

Although terms of the deal have not been divulged, the agreement is to lead to the opening of an Alaïa foundation in the French capital. The new five-story building, next to Alaïa's headquarters will house an archive of the Tunisia-born designer’s creations.

For the year ended January 31, the company’s sales totalled $13.2 million ($18.5 million), up approximately 30% year-on-year. Its collection for 2008 is expected to be revealed in the next week.

Richemont produces apparel, jewellery, watches and writing instruments. Its brands include Chloé, Dunhill, Montblanc, Montegrappa and Lancel.

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