The two facilities, which are expected to create more than 3,000 direct jobs, will operate under Egypt’s private free zone regime, which offers foreign investors incentives including tax and customs exemptions, unrestricted repatriation of profits, full foreign ownership and simplified import and export procedures.
The announcement followed a meeting in Cairo between GAFI executive chairman Mohamed Awad and an Oniverse delegation led by Francesco Ruvolo, director of production operations at the company’s facilities in Bosnia and Croatia.
Italian textile and apparel group Oniverse plans to set up two manufacturing units in Egypt, according to the latter’s General Authority for Investment and Free Zones.
The two facilities, which are expected to create more than 3,000 direct jobs, will operate under Egypt’s private free zone regime.
All products from the units would be exported, with operations expected to start by the end of 2027.
Awad said Egypt is ready to support the Italian group in fast-tracking the project.
The company plans to establish an integrated manufacturing operation in Egypt covering the full production process, from yarn manufacturing to finished garments, GAFI said in a release. Ruvolo, however, did not disclose the size of the investment.
All products from the units would be exported, with operations expected to start by the end of 2027.
Founded in 1986 by Italian entrepreneur Sandro Veronesi, Oniverse specialises in tights, stockings, socks, jeans, leggings and swimwear. The group operates around 5,700 retail outlets across 57 countries and owns brands including Calzedonia, Intimissimi, Tezenis, Falconeri and Antonio Marras.
Fibre2Fashion News Desk (DS)
