LVMH acquires minority stake in Masoni tannery
Luxury group LVMH is making further investments in Italy. Its latest purchase in the country is a minority stake in Santa Croce sull'Arno-based tannery Masoni Industria Conciaria SpA, sold by the company's founder, Fabrizio Masoni, to LVMH Métiers d'Art.
"With this operation, LVMH Métiers d'Art is making a commitment to supporting the Masoni SpA tannery with long-term investments, with the objective of consolidating its creativity and artesanal innovation, as well as its entrepreneurial strength and international development," reads the joint release issued by the Tuscan company and the French group. As well as investments, the deal makes provision for the maintenance of all current jobs at Masoni, which provides work for 60 employees, and also for possible future hires. Fabrizio Masoni founded the company that bears his name in 2001. Today the tannery occupies a total of 10,500 square metres and produced some 600,000 square metres of leather in 2018.
"With this deal, Fabrizio Masoni hopes to begin a constructive partnership with an associate to whom he is linked by a great and long-lasting sense of mutual respect," explains the press release. "He has committed to continuing to manage the business in his new position as chairman of the board of directors and delegated administrator." In this role he will be supported by a new board, composed of Marco Pessi, Federica Martini and two representatives from LVMH Métiers d'Art. LVMH, which currently owns 75 brands, is no stranger to this kind of operation. The LVMH Métiers d'Art project has been the driving force behind the company's efforts to establish an international sustainable development strategy with its suppliers for some time now. Previously, the company also teamed up with the Koh brothers in order to develop Singapore's Heng Long tannery, while in 2012 it acquired French tannery Roux, as well as a stake in Spanish tannery Riba-Guixà.