Prada and Ermenegildo Zegna have announced their acquisition of a 15% stake each in Luigi Fedeli e Figlio, underscoring the significance of high-quality knitwear in the luxury market. Luigi Fedeli, the current CEO, will retain majority ownership of 70% and remain in his role. The transaction's financial details were not disclosed.

Italy, renowned for its artisanal craftsmanship, houses numerous small manufacturers that dominate the global luxury clothing and leather goods production. Fedeli, established in 1934 in Monza, Italy, has been a family-owned business for three generations and has garnered acclaim for its premium yarns and knitwear.

Prada Group Chairman, Patrizio Bertelli, described the agreement as a strategic investment to uphold the excellence and tradition of Italian craftsmanship. Gildo Zegna, the head of Zegna, and Bertelli will join the board of Fedeli, according to the joint statement by the companies.