NEWS

Milan, 22^nd June 2021 – Prada Group and Ermenegildo Zegna Group announce the acquisition of the majority shareholding in Filati Biagioli Modesto S.p.A., a company based in Montale (Pistoia), which for over a century has excelled in the production of cashmere and other noble yarns and offered excellence in the process of transforming fibres. The Prada Group and the Ermenegildo Zegna Group will be assigned a 40% shareholding each; the Biagioli Family will hold 15% of the company and the remaining 5% will be owned by Renato Cotto, a manager from Biella with a long career in the sector, who will be appointed Chief Executive Officer. Gildo Zegna – CEO of the Zegna Group – will be appointed Chairman, while Franca Biagioli and Patrizio Bertelli – CEO of the Prada Group – will join the Board of Directors.

Patrizio Bertelli declares: “This acquisition is in line with the philosophy that the Prada Group has always pursued: direct control of the entire supply chain to ensure uncompromising quality at every stage of the production process. It represents a further strategic investment that allows us to preserve the know-how and century-old tradition of an Italian excellence in the production of fine yarns; it also proves the cooperative attitude between two Italian groups, part of the much hoped-for goal of a teamwork approach in the Italian fashion industry and Italian manufacturing”.