LVMH Métiers d’Art Takes Majority Stake in Italian Tannery
- Oops!Something went wrong.Please try again later.
PARIS – LVMH Métiers d’Art, the French luxury group’s specialist crafts division, has acquired a majority stake in Italian tannery Nuti Ivo S.p.A.
“With the addition of Nuti Ivo Group, we complete our operations in the leather business, expanding our savoir-faire and product offering while ensuring traceable and sustainable sourcing,” Matteo de Rosa, chief executive officer of LVMH Métiers d’Art, said in a statement Monday announcing the operation.
More from WWD
Ivo Nuti established the tannery in 1955 in Santa Croce sull’Arno, a historic leather-working and tanning area in Italy’s Tuscany region, in 1955. Today, the company is managed by Fabrizio and Andrea Nuti, second-generation members of the founding family, and counts more than 300 employees throughout Italy.
According to Italian media reports, Nuti Ivo S.p.A’s revenue stood at 160 million euros for 2022.
The tannery company stated it exports 85 percent of its production abroad and has introduced technical and procedural innovations to the field of leather processing, investing in sustainability and reduction of waste and energy consumption. It has also developed partnerships in Paraguay, Morocco and China for materials destined to the footwear market or after-sales services.
For Fabrizio Nuti, president and CEO of the Italian company, the move was recognition of “more than 40 years of collaborations with the best brands in the world” as well as “a new beginning, a new departure, which serves as an incentive for us to grow and improve in all areas of our savoir-faire, guaranteeing a future for our history and our company.”
Jean-Baptiste Voisin, LVMH chief strategy officer and president of LVMH Métiers d’Art, said such an acquisition fit into its goal of “ensuring a future, by providing new opportunities to local artisan excellences which, alone, in the new scenarios of the luxury industry, may struggle to maintain an international projection.”
The Nuti Ivo acquisition reinforces the group’s presence in the leather, exotic skins and metal sectors, where it counts partners in breeding, tanning, finishing and leather ready-to-wear production across France, Italy and Spain for calfskin and lambskin, and in Africa, Australia and the U.S. for exotic skins. It also owns the noted Heng Long tannery in Singapore and Italy, specialized the tanning and finishing of crocodilian skins.
In April, LVMH Moët Hennessy Louis Vuitton reported an 18 percent jump in first-quarter revenue for its fashion and leather goods business, headlined by its star mega-brands Louis Vuitton and Christian Dior, and a 17 percent increase overall.
Leather goods, alongside hard luxury and apparel, have been leading the post-pandemic resurgence of the luxury industry, according to Federica Levato, partner at Bain & Company, leader of its EMEA Luxury Goods and Fashion practice, and coauthor of a Bain & Company Luxury Study in collaboration with Fondazione Altagamma released in November 2022.
– With contributions from Martino Carrera.
Best of WWD
