Ermenegildo Zegna Group acquires majority stake in Bonotto

London - The Ermenegildo Zegna Group has acquired a majority stake in Bonotto SpA, a luxury Italian textile manufacturer.

The agreement sees the Bonotto family retain a 40 percent stake in the company, as well as control of the manufacturer's management and creative direction. In addition, the Group has also taken a 33 percent stake in Bonotto Editions, which develops special edition textiles and design objects.

Cristiano Seganfreddo is set to remain creative director at Bonotto Editions, which holds a showroom in Milan. The Zegna Group declined to share details concerning both deals, but noted that it was a strategic move, rather than a financial decision. "We’ve known and appreciated for some time the Bonotto family," said Ermenegildo Zegna, CEO of the Zegna Group in a statement.

"Their history is very similar to ours, starting from attention to the territory, art and culture as tools for the development of a company. I am sure that together we will achieve new and innovative goals, thereby strengthening our respective corporate missions," he added.

Bonotto, which consists of three production units, including a style center devoted to research and development in Molvena, a weaving and warping plant and a dyeing and finishing plant, stresses they shares the same values. "The combination of our families," added Giovanni Bonotto, Creative Director of Bonotto SpA, "will give a further boost for both companies in uncharted areas such as furnishing and experimental fabrics. The pioneering spirit and the search for innovation, which are consistent with the traditions that distinguish us, are the best guarantee toward the creation of a real aboratory for the future of textiles."

At the moment, the textile manufacturer, founded in 1912 by Luigi Bonotto and led by his grandsons Lorenzo and Giovanni, counts sales of more than 30 million euros. The deal will see both companies support each other to grow and develop their businesses.

Photo: Bonotto SpA