Business

Chanel acquires majority stake in Italian tannery Samanta

by Prachi Singh
11 Jul 2019

French fashion house Chanel has acquired a majority stake in the Italian tannery Samanta specialising in printed leather. The deal was signed after almost a full year of negotiations, according newspaper Milano Finanza. Financial details of the transaction were not made public by the company.

The development follows after the luxury firm acquired Spanish tannery Colomer last September, Bodin-Joyeaux in 2013 and Megisserie Richard in 2016. With the purchase of Samanta, this is Chanel’s first acquisition in Italy.

Founded by Attilio Gronchi, Samanta has been a long-time suppliers to Chanel. The firm is known for its ability to create products with reptile prints for clothing as well as acessories. Today, the company is jointly run by Iacopo Gronchi his sister Azzurra.

In its recent statement announcing annual results, Chanel reported 10.5 percent rise in sales and 8 percent increase in operating profit to 11.1 billion dollars and 2,998 million dollars respectively.

Picture:Facebook/Chanel