While relinquishing the role of chief executive of Manas, the Italian family-owned shoe company in which he still holds shares (see the related article in this issue), Cleto Sagripanti is launching a new company together with other Italian investors to take over small Italian firms specializing in fashion and accessories. They are targeting high-quality operations that have potential for expansion through better management process and their development in export markets. Called Italian Holding Moda, the new company expects to finalize its first acquisition by Nov. 1, taking over an Italian producer of women's shoes. Sagripanti was re-elected last June as president of the Italian shoe industry association, Assocalzaturifici, with support also from former enemies who are now on its executive board. As reported further down in this issue, he has now become also the president of Fiamp, which federates various Italian trade associations dealing with accessories including Assocalzaturifici.

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