Investment firm acquires majority stake in Gruppo Florence
Permira, who’s portfolio includes Dr Martens, Hugo Boss and Golden Goose, has announced the acquisition of the majority stake in Italian luxury clothing and leathergoods manufacturer Gruppo Florence in a deal reported to be valued at over €1 billion ($1.1 billion)
Gruppo Florence, founded in 2020 by investment firm VAM Investments, is a leading Italian manufacturing hub, offering services ranging from product development to the production of high-end accessories, shoes and leather goods for luxury brands, generated revenues of more than €600 million in 2022.
Furthering the “Made in Italy” vision within the luxury supply chain, the deal continues a trend seen in the sector where investment firms are turning to “buy and build” strategies to keep pace with the sectors exponential growth.
Former Bulgari Chief Executive Francesco Trapani, who controlled VAM investments, will stay on as Florence chairman. CEO Attila Kiss will also retain his role.
Image – Gruppo Florence
