Companies

Gruppo Florence to launch Village of Wonders in 2024

Nov 30, 2023 Italy

The Italian holding company, which owns 28 suppliers to the luxury goods industry, is planning to launch the Village of Wonders hub in Milan to showcase the skills of its various businesses

The news was announced by Gruppo Florence’s CEO Attila Kiss in an interview with L’Economia by Il Corriere della Sera. As part of the company’s expansion strategy, it is being prepared a hub in Milan that will bring together all suppliers owned by the group.

Named Village of Wonders, it “will be a hub where the fashion houses, the large luxury goods groups can discover, without having to tour Italy, the potential of the different manufacturers that are now part of the Gruppo Florence. They will be able to find gathered in Milan all the skills they are looking for to achieve their collections. It will be the project for 2024”, he said.

Founded in 2020 as an integrated Italian platform made up of manufacturers in the clothing, footwear lines, leather goods and intermediate processing segments, Gruppo Florence is pursuing a strategy of rapid expansion. It recently acquired the leather goods company Trend and the graphics and silk-screen printing company, Red Pixel, bringing the total number of companies in the portfolio to 28.

“But we are already in negotiations for new entries. We ask the companies we acquire to reinvest in the group. We are not only interested in acquiring the manufactures. The result is that all entrepreneurs, often several shareholders for each company, have so far always reinvested in the group”, he added in the same interview.

Ownership

The London-based private equity Permira agreed to acquire a majority stake in Gruppo Florence in May. This deal is expected to close by the end of the year, but no financial data was disclosed. However, the founders Vam Investments, Fondo Italiano d’Investimento and the former business owners will remain shareholders in the group.

In addition, Attila Kiss will continue as CEO of Gruppo Florence, while Francesco Trapani will retain his position as President.

Image Credits: vaminvestments.com

Italy Acquisitions Leather goods Luxury Manufacturing Shoes