A global retailer with annual revenues of AU$1.7 billion has made a significant investment down under.
The Ermenegildo Zegna Group has acquired the majority of Achill, an Australian superfine wool farm in New England.
The property is located in New South Wales, with the current herd sitting at around 12,500 sheep and 1000 cattle.
Achill is operated by a six-generation woolgrower and young entrepreneur Charlie Coventry.
Ermenegildo Zegna Group chairman Paolo Zegna said the company is committed to a vertical strategy.
"Our choice to acquire a wool property in Australia underscores the Group’s faith in promoting a land and fibre which have played a crucial role in our history and our heritage.
"By sharing supporting the work of a young, talented farmer, we have a unique and sizeable opportunity to faithfully look at the future of an industry which we want to preserve and protect for future generations."
Australian Wool Innovation chairman Wal Merriman also welcomed the venture.
"Zegna has been a strong supporter of the Australian wool industry for over 100 years and today marks another firm, constructive commitment in support of the industry, which we believe will help ensure the survival and long term viability of fine wool growing."
ZEGNA: Committed to local wool.
