Prada Group and Ermenegildo Zegna Group announce the acquisition of the majority shareholding in “Filati Biagioli Modesto S.p.A.”, a company based in Montale (Pistoia), which for over a century has excelled in the production of cashmere and other noble yarns and offered excellence in the process of transforming fibres. Prada Group and Ermenegildo Zegna Group will be assigned a 40% shareholding each, the Biagioli Family will hold 15% of the company and the remaining 5% will be owned by the manager Renato Cotto, who will be appointed Chief Executive Officer. Gildo Zegna – CEO of the Zegna Group – will be appointed Chairman, while Franca Biagioli and Patrizio Bertelli – CEO of the Prada Group – will join the Board of Directors.
Patrizio Bertelli declares: “This acquisition is in line with the philosophy that the Prada Group has always pursued: direct control of the entire supply chain to ensure uncompromising quality at every stage of the production process. It represents a further strategic investment that allows us to preserve the know-how and century-old tradition of an Italian excellence in the production of fine yarns; it also proves the cooperative attitude between two Italian groups, part of the much hoped-for goal of a teamwork approach in the Italian fashion industry and Italian manufacturing”.