Italian hosiery giant Golden Lady is reported to have commenced construction of its third factory in Serbia and its second in the town of Loznica in the western part of the country. The investment of EUR6m (US$8.6m) brings the company’s total investment in Serbia to over EUR100m since 2005. Golden Lady board member Gaetano Paolillo told just-style.com that building would be completed by the end of this year. The new factory will make women’s hosiery, 90% of which will be exported worldwide via Golden Lady’s Italian trading offices, with the remaining 10% being sold in Serbia itself. The factory could also produce different kinds of underwear in future, Mr Paolillo said reports Knitting Industry.