Sace guarantees €8mn to boost Italian textiles export

15 Feb '16

2 min read

Maglital, an Italian textile manufacturer based in Trevi (Perugia), has received an €8million guarantee from Sace, an Italian export credit agency (ECA), to boost Italian textiles exports, according to media reports.

Sace would be providing export credit guarantees and insurances for buyers and suppliers credit, to help Maglital develop foreign business and investments through insurance cover.

Maglital, which sells locally manufactured accessories and clothing under the brand Cruciani, is planning a €21million international expansion to boost the Italian textiles export. The company is currently present in the US, the UAE, South Korea, Japan, Spain and other European markets.

The company is focusing particularly on the Chinese and Turkish markets, with plans to open 20 stores and 100 franchising points worldwide.

Italy's third largest bank, Banca Monte dei Paschi di Siena would be distributing €3million, while the other financing tranche would be provided by another bank whose name has not been disclosed.

Simest, which is a part of the Cassa Depositi e Prestiti group, would be providing additional financial support to Maglital. Recently, Simest bought 26 per cent stake, worth €7million in Maglital's mother company Gruppo Finac, owned by the Caprai family. (NA)

Fibre2fashion News Desk - India

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