Reda Holding SpA, an Italian supplier of wool, has been granted investment rights by an Overseas Investment Office to acquire two merino stations in New Zealand.
As per the decision, Reda would have exclusive right to further invest in 33.3 percent of Rugged Ridges' shares and another 33.3 percent in interests of Otamatapaio Station, on the shores of Lake Benmore.
Merino fleeces from both the South Island stations are exported and are used by well-known fashion designers like Armani, Ermenegildo Zegna and Hugo Boss.
Reda, founded in 1876, is owned by the Botto Poala family and it currently runs a wool mill in northern Italy. The acquisition would enable it to oversee production chain as well as quality control at the two merino stations.
Fibre2fashion News Desk - India
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