Umbrian entrepreneur Brunello Cucinelli, founder of the eponomous luxury fashion house, has acquired a 43% share in Marche textile company Cariaggi Lanificio. The mill is one of the largest and most prestigious yarn producers in Italy with a turnover in 2021 of €113 million.
Cucinelli bought his share from the Caprai family, former 50:50 partners in the company, for a personal investment of over €15 million. The remaining 7% returns to the Cariaggi family, giving them a controlling 57%. They will also continue to manage the company.
Cucinelli has a strong connection to the Cariaggi wool mill, telling Italian finance newspaper Il Sole 24 Ore that “I started because of them.” He describes how the Cariaggi and Caprai families put their trust in him when he had just begun his business.
In fact, Cucinelli is Cariaggi’s main customer, turning their cashmere yarns into the luxury knitwear line that has made the company one of the most successful “made in Italy” brands, as well as one of the best performing.
Describing Cariaggi Lanificio as “one of the jewels of the Italian manufacturing industry”, the acquisition means that Cucinelli has now direct control of the production line, something big names Ermenegildo Zegna and Prada did when they acquired large shares in luxury yarn producer Filati Biagioli Modesto last year.