Kering, the French group previously known as PPR, reported to have acquired a majority stake in France Croco, an elite producer of tanned skins says WWD.
The tannery, located in the Normandy region of France, is one of the largest in the world and supplies to the top luxury firms in Italy and France, including brands owned by Kering and its rivals.
At Kering, fashion houses like Bottega Veneta, Gucci, Alexander McQueen and Brioni are market products made with crocodile skin like watch straps, shoes and ready-to-wear.
France Croco was founded in 1974 by Jacques Lewkowicz and is currently managed by the founder's son, Dan Lewkowicz, who is to remain its ceo. The firm employs about 60 people.
"This acquisition will allow Kering's brands to further secure a sustainable supply of high quality crocodilian skins," the company said. "This vertical integration is part of the strategy of Kering to better support its brands to better reach their potential."
According to Kering, France Croco's sourcing activities "set high standards for sustainability and conservation of wildlife species."