Gruppo Florence adds two hosieries to its portfolio

By

Dominique Muret

Translated by
Cassidy STEPHENS

Published
Oct 24, 2022

In less than three years, Gruppo Florence has managed to bring together nineteen manufacturers specializing in made in Italy. Launched in 2020 by the funds VAM Investments, Fondo Italiano d'Investimento and Italmobiliare and chaired by Francesco Trapani, this high-end production cluster has announced two new acquisitions, in addition to the seventeen SMEs that have joined it so far: the historic knitting mills Maglificio Leonello Spagnol and Maglificio Erika, both located in Veneto.

The first, founded by Leonello Spagnol in 1949 in Valdobbiadene (Veneto), has been run since 2012 by his grandsons, brothers Edoardo and Riccardo. It produces 130,000 knitwear pieces per year and has a turnover of 26.5 million euros. The company has two sites with a total area of over 5,500 square meters, one of which is in Montebelluna, as well as an internal research and development unit.

Maglificio Erika was founded in Gazzo Veronese, not far from Verona, in 1985. The company soon grew from 30 to 119 employees and today has a turnover of over 30 million euros. From the very beginning, this hosiery company, with an eco-sustainable factory of 5,000 square meters, relies on innovation and technology, distinguishing itself for its avant-garde processes. Following all the manufacturing phases, from prototypes to samples to treatments, confection, finishing and ironing, it supplies big luxury names such as Chanel, Hermès, Louis Vuitton and others.

The company is managed by Alessio Descrovi, a member of the founding family. The majority of Maglificio Erika had been acquired in 2004 by the company Gibò, which later became Onward Luxury Group, which sold it in 2020 to HIM co.

The amount of the transaction was not disclosed, but as with Gruppo Florence's previous acquisitions, these two companies, with all their assets and staff, are to become part of the pole of excellence, controlled by 65% by the investor funds, and 35% by the owners of the acquired companies, to which are now added the Spagnol and Descrovi families and the HIM Co group.
 
The consolidated turnover of Gruppo Florence, headed by Attila Kiss, amounts to 380 million euros and the division employs more than 2,000 people, active in 12 Italian regions, while its client portfolio includes more than 50 luxury houses worldwide.