Ideal Blue acquired by Gruppo Florence
16/11/2022
Ideal Blue recorded revenues of €26 million in 2021, and expects to reach €30 million in sales in its 2022 fiscal year. It had a compound annual growth rate (CAGR) of 10% from 2017 to 2021. All operations are conducted in house, from prototyping to manufacturing, and its equipment includes laser finishing, digital printers and embroidery machines. The company has 140 employees.
The luxury denim specialist joins a roster of 20 companies based in Italy and working for 50+ upscale international brands under the Gruppo Florence umbrella. This group was founded in 2020 by three families, the owners of Giuntini, Ciemmeci and Mely’s maglieria, who collectively control 35% of the entity. The remaining 65% of its shares are held by investment funds. The group's revenues are in the vicinity of €500 million.
Gruppo Florence CEO Attila Kiss commented: “Ideal Blue perfectly reflects the values promoted by the Florence Group, a common vision based on artisan know-how and deep-rooted industrial ethics. The company of the Moretti family, since its foundation, has embraced this philosophy, making sustainability the leitmotif of a tradition to be passed on from generation to generation: a reality that we are proud to welcome and support.”
Image from Ideal Blue website.
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