Fendi invests in new leather goods factory
By Don-Alvin Adegeest
Aug 3, 2020
Fendi is to invest 57 million euros in a leather goods factory in Florence. The details were revealed by Tuscany’s Regional Council which said Fendi, together with parent company LVMH, the Ministry of Economic Development and Invitalia, will sign an agreement to expand “a new plant that will employ 133 new employees for a total investment of over 57 millions largely dedicated to creating innovative projects capable of adapting production to new market needs.”
The factory, based in Bagno a Ripoli, in the metropolitan city of Florence, was first launched in February 2019. The expansion will see 133 new hires join an existing team of 243 employees. The total number falls short of the 500 employees predicted to be hired in 2019.
The new agreement will see implementation of an industrial development program in the fashion and clothing sector presented by the Fendi group, divided into a productive investment project (not financed by the agreement) and a research and development project, of which 25 units will be directly involved in the research and development projects co-financed by the government.