Chanel acquires stake in knitwear brand Paima
Chanel has confirmed it has acquired a majority stake in Paima, an Italian manufacturer specialising in knitwear and cashmere, after 25 years of business partnership.
Financial details of the transaction were not disclosed publicly.
In a statement, Chanel said: “This decision was motivated by the convergence of interests. With Paima’s development accelerating in recent years, it seems convenient to be able to rely on solid partners who can support growth and investment. For Chanel, this partnership aims to support sectors that are essential to both its own activities and the activities of the entire luxury industry.
“This investment provides a more lasting framework for collaboration, while being part of the continuity of relationships that have already been established.”
According to its most recent public filings, Paima employs approximately 200 employees and posted revenues of almost €30 million euros in 2019.
The knitwear specialist, which has expanded its expertise from natural fibers to outerwear developments using technical fibers, has served as a manufacturer for the luxury fashion industry since its foundation.