Bruno Cucinelli acquires 43% stake in cashmere company Cariaggi Lanificio
Luxury Italian fashion brand Bruno Cucinelli has acquired a 43% stake in “one of the jewels of Italian manufacturing” – cashmere producers Cariaggi Lanificio.
The purchase price of the shareholding was €15.05 million, a value that is proportionally close to the current net worth of Cariaggi Lanificio.
The purchase was financed entirely within Bruno Cucinelli’s own means. Control and day-to-day management of the company will still remain in the hands of the Cariaggi family, which holds 57% of the share capital.
Brunello Cucinelli, Executive Chairman and Creative Director of Bruno Cucinelli S.p.A., commented: “It is with a great sense of gratitude that we announce that our company has acquired 43% of Cariaggi Lanificio S.p.A., of Cagli. I had the opportunity to start my own business in cashmere thanks to the human trust that the Cariaggi and Caprai families placed in me. For this, thank you very much.
“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, if not the first, and that it represents something important for our territory and its culture.
“In this project, I am not hiding my love for our land, as well as the great opportunity that our respective children and grandchildren will have to continue manufacturing products in this wonderful fibre that we call 'golden fleece' for decades to come, thus contributing to improving the living conditions of our people.”
Piergiorgio Cariaggi, CEO of Lanificio Cariaggi, 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 Cucinelli S.p.A., our long-standing customer, with whom we share a vision of quality, service, innovation and a focus on our people.”
Brunello Cucinelli, which is sold by the likes of MR PORTER in the UK, was founded in 1978 by the fashion designer and entrepreneur of the same name and is listed on the Italian Stock Exchange.
