MILAN — Italian manufacturing company Castor has a new investor.
I.F.G. (Italian Fashion Group), a new company formed in June by Claudio Dinunno, who manages a Como-based textile group of brands that includes FPR, Jokers, Michael Mark and Dimoda; textile expert Fabrizio Ruozzi, and Andrea Citterio, founder and chief executive officer of lighting design company Penta Light, acquired 80 percent of the Mantua-based firm founded by Angela Picozzi in 2003.
The value of the transaction was not disclosed.
In 2018, Castor, which produces the collections of several luxury labels, as well as operating its Mantù in-house brand and managing under license the production and distribution of emerging labels Coliac and Françoise, registered revenues of 6.7 million euros last year.
“Over the years, many companies expressed their interest in investing in Castor, but we never found the right business partner before,” said Picozzi. “What makes I.F.G. different is the fact that behind it there are experienced manufacturing partners, who are keen to continue producing high-end garments.”
Through this acquisition, Castor aims to expand its manufacturing business, as well as significantly enlarge the commercial presence of its in-house women’s wear label, Mantù, which celebrated its 10th anniversary this year, and add new brands to its portfolio.
“With this deal, I see my dream of adding an important step to the supply chain I manage becoming true,” said Dinunno. “Now, along with weaving and finishing, we can guarantee the manufacturing of high-end collections.”
Following the acquisition, Picozzi will continue to manage the company she founded, while Ruozzi will serve as chief operation officer and Citterio will take over the role of chief executive officer.
With the pre-fall 2020 season, Castor will inaugurate a new showroom on Milan’s central Corso Monforte.