Luxury production consortium Gruppo Florence expands via five acquisitions
In two years, Gruppo Florence has managed to pool together 12 Italian producers, creating a centre of manufacturing excellence for luxury goods. The group, set up in 2020 by Francesco Trapani (formerly with Bulgari and LVMH) in association with a consortium of investors, has in fact announced five new acquisitions, in addition to the seven companies it already comprised.
The five new SMEs that have joined Gruppo Florence are: CAM, a family company based in Bergamo specialised in producing high-end apparel, led by Giorgio Corrente; Confezioni Elledue, founded in 1976 by Maria Grazia Livi near Arezzo, Tuscany, and Turin-based Frediani, a company founded in 1992 by Massimo Frediani, both outerwear producers, the former in the casual/sportswear segment, the latter in the couture one; Parmamoda, a former prototyping and model-making school set up in Parma in 1999 under the aegis of sisters Francesca and Giovanna Bertagna, which has evolved into in a high-end apparel producer with a site in Rovigo; and Pigolotti, a former garment manufacturer founded in 1976 in Perugia, now transformed into a maker of prototypes and samples.
The founders of Gruppo Florence - investment funds VAM Investments, Fondo Italiano d'Investimento and Italmobiliare - hold a 65% stake in the luxury production consortium, while the remaining 35% is in the hands of the founding families and owners of the 12 companies acquired by Gruppo Florence. The consortium, headed by CEO Attila Kiss and President Francesco Trapani, generates a revenue of €145 million. Through the latest and future new acquisitions, its revenue is expected to reach €400 million by the end of 2022, while employing over 2,000 people, as Gruppo Florence indicated in a press release.
The consortium's other members are: knitwear manufacturer Metaphor; fabric producer Antica Valserchio; Giuntini, a producer of outerwear and light fabrics; Ciemmeci Fashion Srl, specialised in leather and fur; Mely’s Maglieria Srl, another knitwear producer; Manifatture Cesari, a jersey specialist; and Emmegi, a producer of outerwear and casual apparel.
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