Brunello Cucinelli sells 18.5% of its shares in Cariaggi Lanificio to Chanel
The king of Italian cashmere, Brunello Cucinelli Spa, has just announced the signing of an agreement with the Cariaggi family and the Chanel company regarding the sale of 18.5% of its shares in Cariaggi Lanificio Spa, the company famous for its prestigious woolen garment manufacturing workshops.
By Eva Morletto24 mai 2023
According to the agreements between the companies involved, in addition to the 18.5% of the capital transferred by Cucinelli, an additional 6% will be transferred to Chanel by the Cariaggi family. The iconic house of Rue Cambon will thus obtain a total stake of 24.5%. The Cariaggi family will maintain control over the management of Lanificio by retaining 51% of the shares.
The financial terms of the agreement have not yet been communicated.
According to Il Sole 24 Ore, the Italian financial newspaper, this agreement symbolizes the desire of both companies in the fashion sector to focus on the protection of the industry and the craftsmanship of traditional spinning mills, of which Cariaggi, the specialist in the production of cashmere, symbolizes excellence.
Brunello Cucinelli, president and creative director of the eponymous company based in Umbria, was delighted with the agreement: " I am particularly happy on this day of truly historic importance. The agreement we have reached represents a splendid diadem that will enhance the value of the entire Italian supply chain, enormously pleased by the fact that a Maison of absolute excellence in global fashion like Chanel has chosen to invest in Made in Italy by sharing with us the beautiful Cariaggi wool mill project." he told the press after the announcement.
Chanel's management is equally satisfied: "we have decided to associate our two Houses to contribute to the preservation of a truly exceptional cashmere and natural fibers supply chain, of which Cariaggi Lanificio is a recognized leader." said Bruno Pavlovsky, Chanel's President.
The ties between the cashmere factory and Brunello Cucinelli's company had already tightened in March 2022, when the Italian house had obtained a 43% stake in the capital of Lanificio, a transaction for which the overall amount was posted at 15.05 million euros.
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