Italian luxury manufacturing consortium buys denim design house – Sourcing Journal

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Gruppo Florence has added a denim manufacturer and processor – a first for the group – to its stable of now 21 companies.

The Italian manufacturing conglomerate, which serves more than 50 global luxury brands, has acquired Ideal Blue Manifatture for an undisclosed amount. Located in the Marche region of Italy, Ideal Blue produces jeans for the biggest names in fashion, employs 140 people and recorded more than 26 million euros ($27 million at current exchange rates) in revenue in 2021. He plans to earn $30 million ($31 million). this year and its compound annual growth rate from 2017 to 2021 averaged 10%.

In 1976, Piero Moretti and his wife Teresa Stocchi founded the denim specialist, now run by their children Sara, Marco and Silvia Moretti who is the CEO. From prototyping to modelling, its production process is entirely carried out in-house and its strengths include the creation of laser effects, embroidery, digital printing, finishing and washing.

Durability is another strong point. Its entire supply chain is Global Organic Textile Standard (GOTS) certified and adheres to the ISO 14001:2015 standard for digital printing and packaging of apparel items.

Attila Kiss, CEO of the Florence Group, said: “Ideal Blue perfectly reflects the values ​​promoted by the Florence Group, a common vision based on craftsmanship and a deeply rooted industrial ethic.

“At the start, we didn’t immediately grasp the meaning of the group because each of the companies that make it up could very well have continued on its own,” adds Silvia Moretti. “But when we understood the power of the synergy that has already been created between the families of entrepreneurs present, who have created excellent companies to which they are very attached, we understood that joining the Florence group is an important opportunity to sharing our know-how -how, all oriented to want to better serve our customers.

Florence Group was founded by investment funds VAM Investments, Fondo Italiano d’Investimento and Italmobiliare, which hold a combined 65% stake. The remaining 35% belong to the families of the Made in Italy companies under its aegis. These include Taccetti, Maglificio Leonello Spagnol, Maglificio Erika, Lorenza Shoe Factory, Shoe Factory Novarese, Officina Ciemmeci, Facopel, Luciano Barbetta, CAM packages, Packaging Elledue, Frediani, Parmamoda, Pigolotti, Metaphor, Antica Valserchio, Emmegi and Manifatture Cesari, all of which joined the three founding knitwear companies Giuntini, Ciemmeci and Mely after the birth of the group in October 2020.

The group has an annual turnover of more than 500 million euros ($520 million), employs more than 2,200 people and operates in 12 regions of Italy.

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