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The Florence Group 

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PRESS RELEASE

FLORENCE GROUP, THE FIRST INTEGRATED PRODUCTION CENTER IN ITALY AT THE SERVICE OF LUXURY FASHION, INVESTS IN THE RELAUNCH OF METAPHOR, HISTORIC KNITWEAR IN THE CARPIGIANO DISTRICT

THE COMPANY BECOMES PART OF THE FLORENCE GROUP WITH ALL ITS EMPLOYEES, AFTER THE JUDGMENT OF BANKRUPTCY LAST AUGUST, THUS PRESERVING ITS EXCELLENT KNOW-HOW

Milan, 6 October 2021 - Florence Group announces the acquisition of Metaphor, a historic company in the Carpi textile district declared bankrupt by the Court of Modena in August 2021. The objective of the Florence Group investment is to safeguard the know-how of the company that produces high-end knitwear for the main international luxury brands, relying on the expertise of 40 highly qualified employees and 40 latest generation weaving machines.

Its employees, aware of the important know-how of the company, its value and its development potential, have played a fundamental role in the rescue of Metaphor and are committed to the search for a new partner, until the meeting with the Florence Group which decided to focus on relaunching the company that has been able to distinguish itself over the years for its ability to create excellent knitwear products. The role of Chief Executive Officer was entrusted to Massimiliano Tosi, previously head of the programming and weaving department.

In the process of rescuing Metaphor, the positive collaboration established with the trade unions, which from the beginning supported and encouraged the company's employees, and with the institutional bodies involved, including the judicial commissioner of the Court of Modena, was decisive.

The three investors of the Florence Group, sponsor of the initiative, VAM Investments, the Italian Investment Fund and Italmobiliare, are ready to support the relaunch of the company with capital and expertise through an investment plan aimed at recovering market share and bringing it back to its historic success. 

With Metaphor, the seventh acquisition in less than a year, the offer of the Florence Group is further enriched, which already includes Giuntini, leader in outerwear and light fabrics, Ciemmeci, prestigious manufacturer of leather and fur garments, Mely's, excellence in the segment of knitwear, Manifatture Cesari, jersey specialist, Emmegi, historic producer of informal outerwear for men and women, and Antica Valserchio, leader in the production of scarves and stoles for the most important brands in the international fashion system.

Francesco Trapani, President of the Florence Group, declared: "We are particularly proud of this operation, which stands out from those we usually carry out, as we intervene to take over the control of a company that risked the closure and dispersion of an important artisan and technical know-how. . The logic of the investment, also in this case, is confirmed to be the commitment of the Florence Group to support the manufacturing tradition typical of Made in Italy, sought after by the most prestigious brands in the luxury sector at an international level ".

Attila Kiss, CEO of the Florence Group, underlines the key role played by Metaphor employees in the operation: "We are very confident of being able to successfully carry out this relaunch project, because we can count not only on a professionalism of the highest level, but also on the enthusiasm and desire to redemption of the Metaphor team ”.

The new CEO of Metaphor, Massimiliano Tosi concludes: “We consider ourselves extremely fortunate to become part of the Florence Group which, in less than a year, has managed to become one of the reference points of the entire luxury chain in Italy. I am convinced that our team will be able to live up to the trust that our investors and our customers place in the quality of Metaphor products ”. 

The Florence Group was assisted by Studio Rinaldi in Modena as financial advisor and by DWF in Milan as legal consultants.

The Florence Group 

First pole of the Italian textile supply chain, Gruppo Florence is controlled for about 65% by the consortium led by VAM Investments, Fondo Italiano d'Investment (through the Italian Consolidation and Growth Fund - FICC), Italmobiliare and for the remaining 35% by the Giuntini families. , Capezzuoli, Maltinti, Ciampolini, Sanarelli, Romolini, Bonacina and Bertolani. The group, founded in October 2020 and which employs over 1.000 employees, is chaired by Francesco Trapani and led by CEO Attila Kiss.

Press releases and articles published in the Italian press.

INTERVIEWS

NICOLA PORRO interview Francesco Trapani, President of the Florence Group, February 2021

MISS TWEED interview Attila Kiss, CEO of the Florence Group, May 2021

CAPITAL - Page 79 N. 481 - May 2021

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