MILAN — Although the Italian fashion, textile and accessories industry may see a decrease of 29 billion euros in revenues in 2020, Biella-based textile firm Reda aims to dodge the worst through its latest M&A activity.
The company said Monday it has fully acquired digital native tailor Lanieri, the Italian company established in 2013 by engineers Simone Maggi and Riccardo Schiavotto to offer a technologically enhanced version of the made-to-measure experience. The two cofounders will remain involved in the day-to-day operations of Lanieri.
Financial terms of the deal were not disclosed.
The acquisition represents a further push in the business-to-consumer arena for Reda, which already operates the Rewoolution activewear brand. The textile firm will also take advantage of the technological skills provided by the tailor fostering its digital capabilities, while Lanieri will be able to strengthen its business structure.
Reda had already invested in the company twice, spearheading in 2016 a pool of Biella-based investors who fueled Lanieri with a cash injection of 3 million euros, following an earlier investment of 1.5 million euros in 2013.
“We firmly believe that the digitization of the textile sector represents an essential process and a necessary strategic tool to face future challenges, which will increasingly require to pay special attention to the needs of the consumer,” commented Luca Martines, chief executive officer of the consumer division at Reda.
“Our goal is to respond to these needs in an even more punctual, personalized and above all sustainable way,” Martines noted. Earlier this year, Reda received the B Corp certification.
“We are thrilled that our work has allowed Lanieri to become an operational part of one of the largest groups in the high-end textile market that is investing in digital transformation,” said Simone Maggi, who serves as Lanieri’s ceo.
Lanieri can leverage an algorithm developed in-house, which allows it to check that all the sizing information filled in by customers online is correct and alert the clients and the sales assistants of potential errors. The platform offers about 200 fabrics sourced from Italy’s premium textile companies located in the Biella and Veneto districts. After the acquisition, Reda plans to further expand the offering by partnering with a growing number of textile firms.
“Realizing this acquisition represents an important recognition of the great work done by the team, which, in the past seven years, managed to create a technological reference point for tailor-made clothing. Our technology can now be used to accelerate the digitization of an entire supply chain,” commented Schiavotto.
Available in about 67 countries globally, in 2019 Lanieri generated 48 percent of its turnover from exports. While strongly focused on online sales, the company also has six ateliers in key European cities, including Milan, Turin, Rome and Bologna in Italy, Paris and Brussels.