The change has come about after the company that owns it, Costarella Design, signed a memorandum of understanding to acquire liver disease treatment company Asian Centre for Liver Diseases and Transplantation (ACLT).
Should the acquisition be approved by shareholders of the group, Costarella Design will change its name and focus solely on ACLT.
The deal will allow the Costarella brand business to be privatised, allowing it to focus on its core business of high end luxury fashion.
Just last month Costarella said it was preparing to enter three new product categories within the next four months. The changes include introducing a new accessories line, a ready-to-wear diffusion brand and a collaboration with cosmetics label iNuovi.
Costarella Design managing director Aurelio Costarella said the signing would have no immediate impact on the Costarella Design business.
The brand's global expansion strategy was still in place and the label intended shifting its focus to the Asian and Middle Eastern markets following the downturn in the US economy.
The privitisation of the company was a positive step for the Costarella brands as it removed all the ASX listed company overheads, resulting in "significant cost saving" and increased bottom line performance, he said.
"As creative director there will be no longer be the need to deal with corporate and regulatory issues, resulting in greater creative input to continue the design and develop the brands and products in the international market."
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