LVMH acquires 80 percent of Spanish tannery Riba Guixà

LVMH Métiers d'Art has announced that it has finalised an agreement to increase its stake in Riba Guixà, a historic Spanish tannery. The luxury group's division, which groups together several of its manufacturers, now owns 80 percent of the company, up from its prior 20 percent stake.

The Riba Guixà tannery is known for its expertise in tanning Enterfino lambskin, a material used for luxury products and processed by other companies such as the French tanneries Alric and Lauret. Through this investment, LVMH stated in a press release that it is reaffirming its commitment to the sheep industry.

More generally, investment by luxury groups in their production chain enables them to ensure a degree of price stability, reinforce their brand image by underlining their commitment to craftsmanship, and secure the supply of materials - a crucial point in a post-covid period when companies have had to cope with factory closures and transport restrictions.

"By increasing our stake from 20 percent to 80 percent, we are confirming our belief in and investment in Riba Guixà and its unrivalled expertise," said Matteo De Rosa, CEO of LVMH Métiers d'Art, in a press release.

De Rosa continued: "This strategic decision fits perfectly with the mission of LVMH Métiers d'Art; it will allow us not only to further improve the already exceptional quality of lambskin products, but also to promote a sustainable and innovative vision of the production process, while ensuring that artisan traditions are passed on and valued for future generations."

This article originally appeared on FashionUnited.FR. Translation and edit by: Rachel Douglass.