Gruppo Florence acquires embroiderer Ricamificio GS
Nothing seems to be stopping Gruppo Florence. The Italian luxury goods production group has announced its 22nd acquisition and is continuing its momentum. The group, which last December subscribed to a 20 million euro bond issue, hopes to bring together more than 30 SMEs specialising in top-of-the-range made in Italy by the end of 2023. With its latest acquisition, Ricamificio GS, it is expanding into embroidery.
With this aquisition the division is also strengthening its position in intermediate treatments, following the September acquisition of L'Officina Ciemmeci, an expert in various types of treatments on leather or fabric. Ricamificio GS is known for its finishing techniques (screen printing, stitching, laser, printing...).
The company, which supplies major luxury brands, from Louis Vuitton to Fendi and Lanvin, was founded in 1988 in the industrial embroidery sector in Sant'Egidio alla Vibrata, near Teramo, and from the outset has relied on cutting-edge tools and technology. Over the years, the company has expanded its skills, specialising in fabric processing and setting up an in-house graphics department. Today, Ricamificio GS employs 114 people and has a turnover of around 16 million euros, with a showroom of 1,000 square metres.
The amount of the transaction was not disclosed but, as with previous acquisitions by Gruppo Florence, the embroiderer will become part of the group, with all its assets and staff, controlled 60% by the investor funds VAM Investments, Fondo Italiano d'Investimento and Italmobiliare, which founded the group at the end of 2020, and 40% by the owners of the companies acquired so far, to whom Emidio Galiffa, the ex-owner and manager of Ricamificio GS, has now been added.
In two years, the Florence Group has integrated twenty-two companies with a turnover of 500 million euros and 2,200 employees.
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