Luxury Italian brand Brunello Cucinelli has snapped up a 43 percent stake in cashmere supplier Cariaggi Lanificio.
The transaction was valued at just over 15 million euros and was financed entirely by Brunello Cucinelli’s own means, the company announced to the Italian Stock Exchange on Wednesday.
Cariaggi Lanificio was founded in 1958 and is headquartered in Cagli, a commune in the province of Pesaro e Urbino, in the Marche region of central Italy.
Following the acquisition, the founding Cariaggi family, which holds 57 percent of the share capital, will maintain the control and day-to-day management of the company
Its CEO Piergiorgio Cariaggi said in a statement: “We are very pleased to have completed this transaction, which will allow the company to continue developing products of excellence.
“We are more than happy with the agreement with Brunello Cucinelli, our long-standing customer, with whom we share a vision of quality, service, innovation and a focus on our people.”
Brunello Cucinelli said the decision came as part of a “major project to support Made in Italy, which we believe represents something important on the world luxury scene”.
“It is with a great sense of gratitude that we announce that our company has acquired 43 percent of Cariaggi Lanificio, of Cagli,” said the brand’s founder Cucinelli.
He continued: “I have always believed that Cariaggi is perhaps one of the jewels of Italian manufacturing, with products of great quality and craftsmanship; there is no doubt that it should be counted among the first industries in the sector in the world, if not the first, and that it represents something important for our territory and its culture.”