Vitale Barberis Canonico is boosting its distribution channel through the acquisition of Italian luxury textile company Drapers. The value of the transaction was not disclosed.
Founded in Bologna in 1956, Drapers specializes in the distribution of high-end tailoring fabrics. It is active in 20 countries, and serves exclusive tailoring shops worldwide. It also operates an online store where customers can purchase high-end suiting fabrics. Drapers has revenues of 5 million euros.
Vitale Barberis Canonico, which was established in 1663 in the Biella textile district, operates two factories in the area and employs 455 people. In 2017, the company posted revenues of 163 million euros, a 7.2 percent increase compared to 152 million euros registered in 2016.
This is the latest acquisition in the Italian textile sector. Among the most relevant takeovers in the industry, last summer London-based fund Njord Partners acquired 80 percent of the Lanificio Fratelli Cerruti and in October 2016 Ermenegildo Zegna Group acquired 60 percent of Vicenza-based luxury textile manufacturer Bonotto SpA.