Companies

Chanel acquires stake in Italian tannery

Jul 16, 2019 Italy

The French luxury brand took another step in its strategy to reinforce its production process by acquiring a stake in Conceria Samanta, an Italian tannery company specialized in printed leathers, which has been its supplier for several years

According to reports on the Italian newspapers, the deal took a full year to negotiate, and although the agreement has been confirmed no further details of the value involved were given and no confirmation about the extent of Chanel’s participation.

At the end of 2018, Chanel announced that it would not use any more exotic skins in its collections and this movement follows the acquisition of several players in the supply chain of the group last year, such as Swiss watch manufacturer Kenissi or Spanish-based tannery Colomer last September.

Founded in the 70's by Attilio Gronchi, who died in 2013, tannery Samanta is currently run by the sons of Attilio, Iacopo and Azzurra Gronchi. Located in Ponte a Egola, near San Miniato, in the region of Santa Croce, the company employs about 40 people and is known for its printed and embossed leathers, especially in the reproduction of exotic skins.

Chanel, owned by the Wertheimer brothers, reported 11.12 billion US dollars in revenue in 2018, up by 10.5% (constant exchange rates). Last year, the company doubled its investments to 1 billion US dollars (+ 129%) and has confirmed the intention to keep the rhythm of investment in 2019.

Photo by La Compagnie Robinson on Unsplash

France Italy Companies Investment Leather