(Finance) – The Prada Group and the Group Ermenegildo Zegna have reached an agreement to acquire a minority stake in the Luigi Fedeli and Son, an Italian family business founded in 1934 in Monza, now in its third generation, and recognized worldwide as the excellence of Made in Italy knitwear in fine yarns.
Through its eponymous brand marketed in 13 boutiques and over 400 multi-brand stores worldwide, Fedeli is a consolidated presence in high-end knitwear.
The agreement – explains a joint note – provides that the Prada Group and the Ermenegildo Zegna Group will be assigned a 15% stake each. Luigi Fedeli will hold the remaining 70% of the company and will continue to exercise the role of Chairman and Chief Executive Officer.
Gildo Zegna, President and Chief Executive Officer of the Ermenegildo Zegna Group, and Patrizio Bertelli, President and Executive Director of the Prada Groupwill enter the Board of Directors of Luigi Fedeli e Figlio.
The transaction is subject to the suspension of obtaining the necessary authorizations from the European Commission pursuant to the EU Merger Regulation.