Italian businesses discovered the limits of their 'small is beautiful' motto when competition became global. Nudged by private equity funds, those supplying the booming luxury goods industry are now finding strength in unity.
The COVID-19 pandemic, with its aftermath of supply chain disruption, has been central in convincing Italian baby-boomer business owners that the time was right to let outsiders into their closely held companies.
Meanwhile it has started working with Bank of America and Citi to assess strategic options after drawing interest from investment firms including Carlyle and Permira, two people close to the matter said. All interested parties declined to comment. Luciano Barbetta, whose clothing company in southern Italy joined Gruppo Florence last year, said hubs can help producers to make up for delays in deliveries of raw materials.
"For a big brand it makes sense to buy, say, a tannery specialising in rare leather but I struggle to imagine they'd be interested, for example, in the makers of golden coating for handbag chains or buttons," he said.
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