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Chanel Buys Stake in Italian Knit Specialist Paima – WWD

PARIS — Chanel is additional consolidating its Italian holdings, with the acquisition of a majority stake in knitwear specialist Paima, which has a concentrate on outerwear developments. Monetary phrases weren’t disclosed.

The French luxurious home confirmed the acquisition on Tuesday, after it was reported in FashionNetwork’s French version. “Chanel is one among Paima’s long-standing shoppers, and this resolution was motivated by converging pursuits. Whereas Paima has seen its growth speed up in recent times, it appeared applicable to have the ability to depend on a stable companion who might assist it develop and make investments. For Chanel, this partnership goals to help a sector that’s important to its exercise and to that of luxurious items as an entire,” the corporate mentioned in an announcement despatched to WWD, qualifying the acquisition as an funding aiming to supply “a extra sustainable framework for collaboration by persevering with an already established relationship.”

The knitwear specialist, which has expanded its experience from pure fibers to outerwear developments utilizing technical fibers, has served as a third-party producer for the posh trade since its basis. It was established by the Marabini household in 1968 as a small knitwear atelier in Osimo, a small city within the Marche area, greatest recognized for being a footwear hub.

The corporate counts round 200 workers and, in accordance with the latest filings out there, posted revenues north of 30 million euros in 2019. It turns into the fortieth firm to enter the group’s Paraffection division of specialist craft ateliers.

“Paima, a reference in its discipline, has created an actual ecosystem in a territory that’s not a conventional knitwear space. With Chanel’s funding, the corporate will have the ability to develop the coaching of younger folks in its trades, and help the community of companions with which it really works,” Chanel mentioned, including that the producer would proceed to work with all its shoppers.

This acquisition comes as Chanel chief monetary officer Philippe Blondiaux confirmed that the group would proceed its investments in specialty ateliers. “We’re on the lookout for new and sustainable supplies, whether or not it’s for leather-based, cashmere or in several areas, and we are going to make an announcement when we now have one thing that’s scalable, and that may be industrialized,” he told WWD in June.

The home later introduced that it will unveil its next Métiers d’Art collection, the place specialist crafts are historically entrance and middle, in Paris on Dec. 7.

https://wwd.com/fashion-news/fashion-scoops/chanel-buys-stake-in-italian-knit-specialist-paima-1234903075/ | Chanel Buys Stake in Italian Knit Specialist Paima – WWD

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