Famous French fashion house Chanel has acquired a majority stake in Samanta, an Italian tannery which specialises in printed leather. The deal took a full year to negotiate, according to newspaper Milano Finanza. Financial details of the transaction have not yet been made public.
The development follows after the luxury firm acquired Spanish tannery Colomer last September, Bodin-Joyeaux in 2013 and Megisserie Richard in 2016. The purchase of Samanta is Chanel’s first Italian acquisition.
Samanta, founded by Attilio Gronchi, have been long-time suppliers to Chanel. The firm is known for its ability to create products with reptile prints for clothing as well as accessories. Today, the company is jointly run by Iacopo Gronchi his sister Azzurra.
In its recent statement announcing annual results, Chanel reported a 10.5% rise in sales and an 8% increase in operating profit to $11.1b and $2,998m respectively.