RATHER than in Serbia, as originally announced, a new seamless hosiery plant of Golden Lady is to be sited in Italy, where it will expand its existing facility in Basciano. The company also made a commitment to retain in Italy a number of in-house services that were to be relocated in Serbia. The decision was influenced by growing pressure by EU authorities in favour of production repatriation that led the Italian government to allocate EUR 50m to the subsidy of the Made in Italy concept. The company declared sales of EUR 621.9m in 2014 and employs 7’143 people in 12 factories located in Italy, Serbia and the US.
The change of plan provides a further indication that the economies of some Southern European countries could be about to stage a modest recovery after several years of virtual stagnation.