Sourcing Journal – Italian Synthetic Leather Maker Coronet Acquires Rival
Two decades-old Italian firms that produce synthetic leather for the footwear market and
other industries are now one. Coronet Spa, based in Milan, announced it had acquired its rival, Synt3, in a deal that gives it more manufacturing plants in Italy and a larger market. Terms of the deal were not disclosed. Now Synt3’s 86 employees will be joining Coronet’s staff of 330. Also, Synt3’s three factories in Italy will be added to Coronet’s two Italian factories and two overseas locations.
“With five production and R&D facilities in Italy, and two more in Vietnam and China, Coronet contributes to the evolution and shift of the Italian luxury supply chain from ‘efficiency driven’ to ‘responsible oriented,’” the company said in a statement. Synt3, headquartered near Como north of Milan, was started in 1971 to provide polyurethane-coated materials for shoe uppers. In 1977, the company invested in coagulated polyurethane, which is similar to real leather, and opened a new plant for that product.
It also acquired the Laskina trademark, which guarantees that all Synt3 products are made of 100 percent polyurethane in Italy. Coronet was founded in 1967 by Enrico De Marco, sometimes called the king of synthetic leather, to first produce shoe linings and later shoe uppers for the footwear industry.
Since the 1990s, the company has branched out to make products for the leather goods, book binding and clothing industries. Over the years, the family-owned company has expanded globally as a leader in
polyurethane coatings as well as a developer of new products that are more environmentally friendly. Adding to its two plants in Italy, Coronet opened its first overseas factory in Huizhou, China in 2006 and a second plant in Ben Tre, Vietnam in 2015.
Most recently, Coronet has branched out into the eco-leather arena, producing vegan leathers that offer planet-friendlier attributes. It is also launching later this year a new research hub to innovate in sustainability. In 2018, Umberto De Marco, Coronet’s president and Enrico’s son, launched his own sustainable vegan footwear label called Yatay. The first offering was a unisex higher-end model featuring numerous eco-friendly materials. The sole was made of bio-derived polyurethane filled with two green bio-plastic cores, which the company said was reclaimed from recycled plastics. The uppers were composed of a vegan leather made from fabric created with recycled raw materials and a bio-derived polymer. The Yatay line is made in Italy using a production process that cuts emissions by 80 percent, compared to the industry standard.