French luxury conglomerate LVMH has acquired a minority stake in Italian tannery Masoni, marking the company’s first foray into leather production ownership.
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Via LVMH’s Métiers d’Art division, the company purchased an undisclosed stake in the Tuscan tannery, based in the Santa Croce sull’Arno district.
As reported by fashion industry media on 20th December, Masoni – officially known as Masoni Industria Conciaria SpA – lead by its founder, Fabrizio Masoni, signed the deal with the owner of the luxury Louis Vuitton brand on 19th December.
“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 artisanal innovation, as well as its entrepreneurial strength and international development,” said both company’s in a joiny statement issued by the Tuscan company and the French group.
“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. He has committed to continuing to manage the business in his new position as chairman of the board of directors and delegated administrator,” added the press release.
A new board composed of Marco Pessi, Federica Martini and two representatives from LVMH Métiers d’Art, will support Fabrizio Masoni in this role, concluded the press release.
Founded in 2001 by Fabrizio Masoni, Masoni occupies a total of 10,500 square metres. In 2018, the tannery produced some 600,000 square metres of leather for the year.
Driving LVMH Group’s sustainability and innovation in production, LVMH Métiers d’Art is known for investment in international and local suppliers.
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In 2011, the subsidiary acquired control Singaporean crocodile tannery, Heng Long and in 2012, acquired French tannery Roux, as well as taking a stake in Spanish tannery Riba-Guixà. LVMH currently operates 75 luxury brands across fashion, accessories and cuisine, among other sectors.