Chinese group saves historic Italian tannery and may seek more acquisitions there
24/07/2014
Based in Tolentino in Le Marche, Conceria del Chienti is celebrating 90 years in business this year. However, reports say the group had suffered an insolvency event, with debts estimated at €20 million, before Jihua stepped in to acquire 85% of the equity, leaving the other 15% in the hands of a co-operative of around 60 of the tannery’s employees.
Specialising in garment and footwear leather from calf and goatskin, Conceria del Chienti counts luxury brands including Louis Vuitton, Bottega Veneta and Alexander McQueen among its clients, but had run into financial difficulty in recent years and had entered administration. Its search for a buyer to take it over as a going concern took it to Beijing, where, thanks to what people in the company have called a mix of luck and creativity, it managed to build up links with Jihua, leading to the Chinese group taking over in the early part of July.
Jihua has been quoted in media in Italy as saying the tannery will be left to continue to develop its own products and its own markets. However, it also explained that investment in new technology would be forthcoming, with innovations including an energy plant to add value to tannery waste.
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