The French-based luxury group acquired a minority stake in the Santa Croce sull'Arno (Florence) tannery Masoni Industria Conciaria SpA stock package. The deal was made through the LVMH division Métiers d' Art
“With this operation, LVMH Métiers d’Art is making a commitment to supporting the Masoni SpA tannery with long-term investments, with the objective of consolidating its creativity and artisanal innovation, as well as its entrepreneurial strength and international development,” said both companies in a joint statement.
There are expectations regarding the expansion of the workforce of the Italian tannery, currently with 60 employees. Fabrizio Masoni founded the company in 2001 and currently has a total area of 10 500 square meters and an annual production of 600 000 square meters (2018 data).
With this deal, Fabrizio Masoni aims to "create a constructive partnership with a partner with whom we have long held mutual esteem". He will continue to run the company taking the roles of Chairman and CEO, being in the Board of Directors by Marco Pessi, Federica Martini and two representatives of LVMH Métiers d'Art.
This is not a new operation for the French luxury group, which owns 75 fashion maisons. LVMH group has been implementing a global strategy of sustainable development with suppliers thanks to the LVMH Métiers d'Art project. In the past, they have joined the Koh brothers to develop Heng Long tannery in Singapore; in 2012 they have acquired the French Roux tanneries and in 2015 acquired a stake in the Spanish tannery Riba-Guixà.