Business media in Italy have reported the possible acquisition by luxury group LVMH of a majority stake in prominent Italian leather manufacturing group, writes Leatherbiz.

Milan-based business daily Il Sole 24 Ore has said LVMH is close to agreeing a deal to become the majority stakeholder in the Nuti Ivo group of tanneries.

It said it had asked Matteo De Rosa, chief executive of LVMH’s Métiers d’Art division about this. It quoted Mr De Rosa as saying he could not comment on the matter, but that there would be news soon.

Based in Santa Croce sull’Arno in Tuscany, the Nuti Ivo group was founded in 1955. It now comprises the Nuti Ivo, Lloyd, Everest, Papete and Deluxe tanneries in Italy and also has partnerships in Paraguay, Morocco and Hong Kong. Its chief executive is the current president of tanning industry association UNIC, Fabrizio Nuti.

LVMH already holds a 20% stake in another Santa Croce tannery, Masoni.