New investments and acquisitions with €35 million from CDP
A production platform at the service of Made in Italy luxury in a sector that is iconic for our country: fashion. This is Gruppo Florence, established in 2020 by three companies: Giuntini, a leader in outerwear and lightweight fabrics; Ciemmeci, a prestigious manufacturer of leather and fur garments; and Mely's, a knitwear manufacturer of excellence.
Since then, the Group has grown to include a further 20 companies from various Italian regions, working for major international brands and employing a total of around 2,300 people. 65% of the company is controlled by the consortium led by VAM Investments, Fondo Italiano d'Investimento (through Fondo Italiano Consolidamento e Crescita - FICC) and Italmobiliare, while the remainder is held by the shareholders who have joined the company since its inception.
CDP supported the growth of Gruppo Florence with two loans totalling €35 million, as part of transactions with the banking system worth over €350 million.
These are considerable resources compared with a turnover of €500 million, but they are part of a process of progressive integration with other companies such as Luciano Barbetta, a jersey garment manufacturer based in Lecce, and Facopel, an historic hat maker in Chiesina Uzzanese in the province of Pistoia, to name but a few.
These acquisitions have the dual objective of strengthening its position in its traditional market segments and broadening its product range to include footwear, leather goods and jeans. An increasingly comprehensive and integrated offer, designed to build commercial synergies between the Group's various companies and to consolidate the supply chain.
The growth of the companies involved also corresponds to an increase in investment to purchase or upgrade machinery and equipment and to make them more sustainable.
By supporting Gruppo Florence, CDP reaffirms its support for the strategic fashion sector and its role as a facilitator for the growth of Italian companies, including internationally.