The luxury manufacturing pole said Monday it has acquired majority interests in Maglificio Leonello Spagnol and Maglificio Erika, building up its knitwear hub currently comprised only of Metaphor, based in the Carpi district.
Both located in northeast Italy, Leonello Spagnol was founded in the ’60s in Montebelluna and generated 26.5 million euros in revenues last year, while Maglificio Erika, headquartered in Gazzo Veronese, in the Veneto region since 1985, posted sales of 30 million euros last year.
As is customary for Gruppo Florence’s acquisitions, the founding families and controlling shareholders have agreed to maintain minority ownership of the companies they run.
Francesco Trapani, Gruppo Florence’s president and chairman of VAM Investments, welcomed the two new companies on board while Gruppo Florence chief executive officer Attila Kiss touted the firms’ families for their business acumen.
“Gruppo Florence’s mission is to value Made in Italy within a context that’s ever more challenging and provide luxury brands with high-quality products, as well as excellent services and reliability on delivery time, with sustainability top of mind,” Kiss said.
Gruppo Florence — which is controlled by private equity fund VAM Investments, Fondo Italiano d’Investimento and Italmobiliare and has sales in the region of 350 million euros — owns controlling stakes in 19 companies, including Metaphor, which produces high-end knitwear; informal outerwear manufacturers Emmegi and Giuntini; jersey specialist Manifatture Cesari; Ciemmeci, a company that specializes in the production of leather and fur pieces; Antica Valserchio, and knitwear firm Mely’s.
As reported, in May the group acquired majority stakes in Bergamo, Italy-based ready-to-wear manufacturer Cam; Confezioni Elledue, a specialist in casual outerwear based in Tuscany; Turin-based Frediani, which produces luxury outerwear; Parmamoda, which manufactures rtw, and Pigolotti, a family-run specialist in jersey combined with precious textiles such as cashmere and silk. In June, it added jersey specialist Barbetta and hatmaker Facopel to its roster of companies.
Last month, it entered the shoe arena, acquiring footwear specialists Lorenza Calzaturificio and Novarese, as well as Officina Ciemmeci, a spin-off company founded by the owners of Ciemmeci Fashion. That company, which is already owned by Gruppo Florence, specializes in washing, dyeing and a wide range of mechanical treatments on textiles and leather.