The Prada Group and Ermenegildo Zegna Group have acquired a majority shareholding in Italian company Filati Biagioli Modesto S.p.A., which specialises in cashmere and other precious yarns.
In a statement, the two companies said that they have each acquired a 40 percent shareholding in Filati Biagioli Modesto S.p.A., which is based in Montale outside Pistoia, Italy, for an undisclosed amount.
The founding Biagioli family will retain a 15 percent stake and the remaining 5 percent will be owned by Renato Cotto, a manager from Biella with a long career in the textile sector, who has been appointed chief executive officer.
Gildo Zegna, chief executive of the Zegna Group has been appointed chairman, while Franca Biagioli and Patrizio Bertelli, chief executive of the Prada Group, will join the company’s board of directors.
Commenting on the deal, Bertelli, said: “This acquisition is in line with the philosophy that the Prada Group has always pursued: direct control of the entire supply chain to ensure uncompromising quality at every stage of the production process.
“It represents a further strategic investment that allows us to preserve the know-how and century-old tradition of an Italian excellence in the production of fine yarns; it also proves the cooperative attitude between two Italian groups, part of the much hoped-for goal of a teamwork approach in the Italian fashion industry and Italian manufacturing.”
Zegna added: “The acquisition of historic Italian companies, each specialised in its own product sector, has enabled Zegna over the years to establish a true luxury textile laboratory with the aim of producing the highest quality fabrics and at the same time safeguarding the uniqueness of the Italian supply chain.
“I am particularly proud of this new acquisition today because, in adding another prestigious company in the field of fine yarns to our textile division, I am joined in this journey by a great entrepreneur of the Italian fashion industry.”