Prada and Ermenegildo Zegna, two renowned luxury brands declare the acquisition of a 15 per cent stake each in the luxury knitwear brand Luigi Fedeli e Figlio.
Luigi Fedeli is still in majority possession of 70 per cent and will continue to serve his position of Chief Executive.
The aim of this acquisition is to enlighten the industry and consumers about the importance of knitwear in the industry. However, the in-depth details of this acquisition are yet to be disclosed by the brands.
Patrizio Bertelli, chairman of the Prada Group stated, “This agreement represents a strategic investment to preserve the know-how and tradition of Italian excellence in fine yarn.” Further in a joint statement, the companies disclosed that Gildo Zegna, and Patrizio Bertelli will be appointed as board members of Fedeli.
