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Footwear brand Golden Goose has acquired one of its suppliers, Italian Fashion Team for an undisclosed sum.
This brings the outsourced production for Milan-based Golden Goose down to 60% with the acquisition, which is expected to complete in the last quarter of 2022.
Italian Fashion Team founder and CEO Michele Zonno will reportedly continue to lead the company.
"We have achieved this important milestone, and we are thrilled to be joining the Golden family at such an exciting time of growth. Commitment to Italian excellence and local talent is key for us, and I’m excited to partner with a company that values this just as much as we do,” Zonno said.
Italian Fashion Team, which is based in Casarano, was founded in 2007 and, today, employs over 250 people in the design, production and commercialisation of luxury casual footwear, producing over 700,000 pairs in 2021.
Source: World Footwear