Brunello Cucinelli acquires stake in Lanificio Cariaggi Cashmere
Luxury Italian fashion brand Brunello Cucinelli has acquired a 43% stake in Cariaggi Lanificio from the Cariaggi family in a €15.05 million deal.
In a statement, the company said control and day-to-day management of the cashmere brand will remain in the hands of the Cariaggi family following the acquisition as it will still hold 57% of the share capital. The purchase was financed entirely from Brunello Cucinelli’s own funds.
Brunello Cucinelli, executive chairman and creative director of Brunello Cucinelli, said: “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.”
Piergiorgio Cariaggi, chief executive of Lanificio Cariaggi Cashmere, added: “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 Cucinell, our long-standing customer, with whom we share a vision of quality, service, innovation and a focus on our people.”
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