It has been reported that CHANEL has acquired the majority stake in the knitwear business Paima, located near Ancona. The French luxury brand told FashionNetwork.com. 

“This decision was motivated by converging interests; as Paima has seen its development accelerate in recent years, it appears opportune to be able to rely on a solid partner which can help it to grow and invest,” CHANEL said in a statement. “For CHANEL, this partnership aims to support a sector which is essential both for its own activity and that of the luxury industry as a whole.”
 
“This investment offers a more lasting framework for collaboration while being part of the continuity of an already established relationship,” said CHANEL. “In accordance with CHANEL’s strategy in this type of operation, Paima will continue to collaborate with all of its customers."

Paima is the fifth Italian business to enter into the fold of CHANEL in the past two years.