PARIS — Chanel is further consolidating its Italian holdings, with the acquisition of a majority stake in knitwear specialist Paima, which has a focus on outerwear developments. Financial terms were not disclosed.
The French luxury house confirmed the acquisition on Tuesday, after it was reported in FashionNetwork’s French edition. “Chanel is one of Paima’s long-standing clients, and this decision was motivated by converging interests. While Paima has seen its development accelerate in recent years, it seemed appropriate to be able to rely on a solid partner who could help it grow and invest. For Chanel, this partnership aims to support a sector that is essential to its activity and to that of luxury goods as a whole,” the company said in a statement sent to WWD, qualifying the acquisition as an investment aiming to provide “a more sustainable framework for collaboration by continuing an already established relationship.”
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The knitwear specialist, which has expanded its expertise from natural fibers to outerwear developments using technical fibers, has served as a third-party manufacturer for the luxury industry since its foundation. It was established by the Marabini family in 1968 as a small knitwear atelier in Osimo, a small town in the Marche region, best known for being a footwear hub.
The company counts around 200 employees and, according to the most recent filings available, posted revenues north of 30 million euros in 2019. It becomes the 40th company to enter the group’s Paraffection division of specialist craft ateliers.
“Paima, a reference in its field, has created a real ecosystem in a territory that is not a traditional knitwear area. With Chanel’s investment, the company will be able to develop the training of young people in its trades, and support the network of partners with which it works,” Chanel said, adding that the manufacturer would continue to work with all its clients.
This acquisition comes as Chanel chief financial officer Philippe Blondiaux confirmed that the group would continue its investments in specialty ateliers. “We are looking for new and sustainable materials, whether it’s for leather, cashmere or in different areas, and we will make a statement when we have something that is scalable, and that can be industrialized,” he told WWD in June.
The house later announced that it would unveil its next Métiers d’Art collection, where specialist crafts are traditionally front and center, in Paris on Dec. 7.