MILAN (AP) — The family-owned Missoni fashion house says the Italian investment fund FSI will take a 41.2 percent stake to help expand the business.

Creative director Angela Missoni said Friday that the family will retain a 58.8 percent stake and operational control of the knitwear brand known for its intricate weaves and colorful designs.

She says the outside investment will allow the company founded by her parents 65 years ago to look to the future, "safeguarding both our family unity and our brand DNA. "

FSI CEO Maurizio Tomagnini said the investment was worth 70 million euros ($81 million.)

Former Salvatore Ferragamo CEO Michele Norsa will become vice chairman, while Angela Missoni will be chair.

Missoni's annual revenues are around 150 million euros ($174 million.)