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Italian childrenswear company Simonetta bought by Isa Seta
A new chapter in the history of long-established Italian childrenswear company Simonetta is about to start, just after the presentation at Pitti Bimbo of the Emilio Pucci children's collection it designs and manufactures under licence. Italian fabric company Isa Seta, of the Carisma group, has in fact bought out the Stronati family's 100% stake in Simonetta for an undisclosed amount. Isa Seta also completed a share capital increase to relaunch Simonetta, helped by an exclusive supply deal with Fendi for Fendi Kids.
Giovanni Cagnoli, the President and controlling shareholder of Isa Seta and Simonetta, said the strategy for the next few years will focus on acquiring new licenses in the premium, made-in-Italy segment of the market. "We believe there is a growing market opportunity for Italian-style, high-quality products at an accessible price. Simonetta is an undisputed leader for both market share and know-how in this segment, and we think in the medium term it will return to growth (...) and become a benchmark on the international childrenswear market," wrote Cagnoli in a communiqué.
Simonetta operates in 60 countries worldwide with its own label and in 2016 it recorded a revenue of €34 million (-7%), over 70% of which came from outside Italy. The company also manufactures and distributes under licence the children's collections of Emilio Pucci, Lanvin and Aston Martin, and is now also the exclusive supplier for Fendi's children's lines.
Isa Seta is a top Italian textile manufacturer, with a revenue of approximately €70 million in 2016. It works for a host of luxury labels, producing fabrics for apparel and accessories (scarves, hats, gloves and ties), as well as underwear, loungewear, socks, beachwear and leisurewear through its finished product division. A supplier to Fendi since 2007, Isa Seta also operates licenses in underwear and beachwear for Zegna, underwear for Dsquared and accessories for Jimmy Choo.
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