Italian Strongman Fiorete Group Acquires Cazzaniga Velvet
February 13, 2013
FINO MORNASCO, IT -- Fiorete Group manager Gianmarco Zamaroni announced the purchase of Cazzaniga production and finishing assets based in Bulciago, Italy effective Friday, February 8.
The purchase price was not discussed with F&FI but with this purchase, Fiorete expands its high end offer of jacquard woven upholstery and drapery to include velvet for the first time in its nearly 80 year history as a mill. Five years ago, Fiorete adjusted its radar to produce only high end fabrics and Cazzaniga fills out the total offer with $50-$100 per meter velvets, Zamaroni emphasized.
"Fiorete is a totally vertical mill from yarn preparation forward and wet printed and digitally printed velvet are planned for the future," Zamaroni said.
Although at one time Cazzaniga might have been as much as a $50 million business, Zamaroni is projecting only $8 million in sales for 2014 for the new velvet collections. Existing collections will continue to be produced to fill customer orders, he stated, with no down time, he said.
Cazzaniga has been looking for a financial partner for the last three months under the terms of Italian bankruptcy law and this deal guarantees the continuation of Cazzaniga at least as a high end velvet brand now produced by Fiorete in its own finishing plant built just two years ago.
The 24 Van de Wiele looms previously owned by Cazzaniga normally sell new for $300,000 each. Now Fiorete will continue to make the high end silk and cashmere velvet qualities demanded by the world 's best editors and jobbers. Once the Italian industry shuts down for summer holidays in July, all of the equipment will be moved to Fiorete's facility in Fino Mornasco from Bulciago, Zamaroni said. This includes a 45 meter long finishing line which will be trucked in pieces to the new home of Cazzaniga velvet by Fiorete.
A totally new product line will be introduced by Fiorete at Proposte in May, Zamaroni said. As part of the deal, Enrico Cazzaniga, former owner; Singita, Cazzaniga's Indian designer and 12 Cazzaniga velvet technicians are all joining the new Fiorete operation to continue Cazzaniga's 100 plus year velvet tradition, Zamaroni explained.
