The fashion group has acquired knitwear manufacturer Metaphor, which, based in the Carpi district, was declared bankrupt by the Modena court last August.
Metaphor, which traditionally produces high-end knitted products, employs 40 people and counts 40 state-of-the-art knitting machines.
“We are particularly proud of this operation, which is different from the others we normally do since we are taking control of a company that was about to close, jeopardizing a significant artisanal and technical know-how,” said Gruppo Florence chairman Francesco Trapani. “This acquisition confirms Gruppo Florence’s commitment toward the support of the Made in Italy manufacturing tradition, which is in high demand among the most prestigious global luxury brands.”
Following the acquisition, Massimiliano Tosi, former head of the planning and knitting department at Metaphor, is to take on the role of chief executive officer of the Italian manufacturing firm.
“We feel extremely lucky to become part of Gruppo Florence that, in less than a year, succeeded at becoming one of the points of reference of the Italian luxury supply chain,” Tosi said. “I’m sure that our team will live up to the trust that our investors and our clients are giving to Metaphor products’ quality.”
This is the seventh acquisition for Gruppo Florence, which is controlled by private equity fund VAM Investments, Fondo Italiano d’Investimento and Italmobiliare. Along with Emmegi, the group operates jersey specialist Manifatture Cesari; outerwear manufacturer Giuntini; Ciemmeci, a company specialized in the production of leather and fur pieces; scarves and shawls specialist Antica Valserchio, and knitwear firm Mely’s.