French haute-couture house Chanel has announced the acquisition of a majority stake in Paima, the Italian knitwear specialist, of which the house is a long-time customer.
On Tuesday, Chanel announced it had acquired a majority stake in Paima, an Italian company founded in 1968 that specializes in knitwear. Chanel, a long-time customer of Piama, is taking advantage of the Italian company‘s growth to seal the deal.
The historic Chanel house is expanding its presence in Italy with the acquisition of a majority stake in Paima. The knitwear specialist thus becomes the 40th brand to join the ranks of Chanel‘s Paraffection Division. Financial terms of the acquisition were not disclosed, however.
“Chanel is one of Paima’s long-standing customers, and this decision was driven by converging interests. As Paima has seen its development accelerate in recent years, it seemed appropriate to have a strong partner who could help it grow and invest. For Chanel, this partnership aims to support a sector that is essential to its business and to that of luxury as a whole,” the brand said in a statement.
Founded in 1968 by the Marabini family, the company was then only at the stage of a small knitting workshop located in Osimo, in the Marche region, and specialized in shoemaking. Today, after experiencing strong growth in its development in recent years, Piama has nearly 200 employees and reported revenues of 30 million euros in 2019.
“Paima, a reference in its field, has created a real ecosystem in a territory that is not a traditional knitwear area. Thanks to Chanel’s investment, the company will be able to develop the training of young people in its trades, and support the network of partners with which it works,” said Chanel, noting that the acquisition would not change the relationships Piama has with its other customers.
For Chanel, this acquisition comes in a context of increasing investment in specialized workshops, as Chanel‘s CFO, Philippe Blondiaux, said last June when interviewed by WWD: “We are looking for new and sustainable materials, whether for leather, cashmere or in different areas, and we will make a statement when we have something scalable, and that can be industrialized“.
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