Coronet Group is a worldwide leader in the production and distribution of synthetic leather, in particular to companies operating in the footwear, bags, and garment sectors. Among its numerous clients, Coronet supplies its products to global fashion brands such as: Luis Vuitton, Tod’s, Moncler and Armani. The company was founded by Enrico De Marco in 1967.
On April 15, 2015 Coronet announced that it had started production at the new Vietnamese plant with a production area of 15,000 square metres. This area will double by 2016, in line with the company expansion plan. In order to build this new plant, located 100 km South of Ho Chi Minh City, an investment of US$20m was necessary, which was totally self-funded.
The new Vietnamese plant is a sister company of Asian CoronetChina, founded in 2005 and located in the city of Huizhou, China. In fact, in 2005, Mr. De Marco (now Honorary Chairman of the company) foresaw the huge displacement of footwear production to the East, hence exploiting this market trend by exporting a successful business model that Coronet had already developed to the Far East.
Coronet has two other production sites, both in Italy, these are located at Cisterna di Latina and Velletri, both near Rome, while the headquarters are based in Milan. The company employs more than 300 people. The first part of the production is carried out by Coronet Italia whereas the finishing process takes place in the Far East. This is a production strategy which aims to maintain the quality, features and appeal of the Made in Italy brand whilst minimising costs.
Over forty years of business Coronet’s achievements and innovative products have allowed the company to become a market leader in the synthetic leather market sector. Coronet has built a 1.5 megawatt photovoltaic system that produces enough green energy to satisfy 70 per cent of the needs of the two Italian plants.
Umberto De Marco, Chairman of Coronet Group, said in a statement:
“The industrial park where we made the investment (Giao Long Industrial Park Phase II, an Phuoc Commune, Chau Thanh District, Ben Tre Province, Vietnam) has taken advantage of a tax exemption for a period of 10 years. This allows us to provide two stages of development: following the first building, with an area of 15,000 square metres, a further building will be constructed by September 2016. With the newly opened CoronetVietnam plant, our Group becomes the only multinational in the world for the production of synthetic leather. The production capacity is about 30 million square metres per year, which will increase to 40 million by the end of 2016”.
Coronet, headed by CEO Jarno Tagliarini, reported in 2014 a turnover of €26.88m. EBIDTA increased of 5% year on year.
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