The Italian house best known for its cashmere knitwear paid €15.05 million for a 43 percent stake in its long-time supplier of the luxury fabric, Lanificio Cariaggi Cashmere.
In a statement, creative director Brunello Cucinelli described the new acquisition as “one of the jewels of Italian manufacturing.”
The Cariaggi family will retain control of the remaining 57 percent and continue to manage the day-to-day operations of the company.
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Cucinelli Plans Store Expansions
Even as other luxury brands hesitate to predict business trends amid the uncertainties of the pandemic, Cucinelli is sticking with its 10-year growth projections for 2019-2028, with sales seen doubling in the period.
