MILAN — Building on a strong performance in 2021, with estimated sales of around €200 million, Gruppo Florence again launched a wave of acquisitions, capturing five high-end manufacturers based in Italy.
The group, created in October 2020 to develop a platform providing high-quality Made in Italy products to major luxury fashion brands, has acquired a majority stake in Bergamo, Italy-based ready-to-wear manufacturer Cam , led by entrepreneur Giorgio Corrente; Confezioni Elledue, a casual outerwear specialist based in Tuscany and led by Maria Grazia Livi; Turin-based Frediani, which produces luxury outerwear; Parmamoda, run by sisters Francesca and Giovanna Bertagna, which manufactures ready-to-wear, and Pigolotti, a family business specializing in jerseys associated with precious textiles such as cashmere and silk.
The manufacturing division aims to double in size and aims for a turnover of 400 million euros and around 2,000 employees by the end of 2022.
“Gruppo Florence is successfully continuing its growth trajectory and attracting the interest of entrepreneurs recognizing the value of our business model, aimed at preserving the Italian supply chain, offering a range of niche manufacturing excellences the opportunity to join a stable and structured group,” said Francesco. Trapani, Chairman of Gruppo Florence and Chairman of VAM Investments.
As is customary for Gruppo Florence acquisitions, all of the founding families and entrepreneurs have agreed to retain a minority stake in the business they lead.
Attila Kiss, general manager of Gruppo Florence, praised the know-how and the high specialization of the companies. “By joining the group, these companies will be able to strengthen their services to satisfy an increasingly demanding clientele.
In the wake of the latest M&A activity, Gruppo Florence, which is controlled by private equity fund VAM Investments, Fondo Italiano d’Investimento and Italmobiliare, owns majority shares in 12 companies, including Metaphor, which produces knitwear top of the line ; informal outerwear makers Emmegi and Giuntini; Manifatture Cesari jersey specialist; Ciemmeci, a company specializing in the production of leather and fur pieces; scarf and shawl specialist Antica Valserchio and knitwear company Mely’s.