Ermenegildo Zegna buys majority stake in wool farm

Italian suit maker Ermenegildo Zegna has acquired a majority stake in a 2,564 hectare sheep farm in Australia. The fashion group

has invested in a 60 percent stake in the farm, aimed to secure its wool supply.

“The opportunity to better understand the daily work of the farmers, to share first-hand knowledge and to harmoniously participate in the development and promotion of this industry is quite exciting,” said in a statement Ermenegildo Zegna Group chairman Paolo Zegna.

Zegna added that entering the wool growing industry as a producer is a “great source of pride” for the company. “Our choice to acquire a breeding farm in Australia underscores the group’s faith in promoting a land and fibre which have played a crucial role in our history and our heritage,” he said.

The deal will grant the Italian suit maker direct access to the 175-year-old Achill sheep farm, which currently has 12,500 sheep in production.

The current owner, Charlie Coventry, will be appointed as chief executive of the venture, with wool produced at the property to be sold exclusively to Zegna.