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Beleaguered Ittiere granted funds

The administrators to Ittiere, the Italian manufacturing and licensing company which produces collections Just Cavalli, Galliano and Ermanno Scervino, have secured a €60.6m (£53m) cash injection for the business.

The finance was provided by a consortium of banks including UniCredit Corporate Banking, Intesa Sanpaolo and Banca Poplare di Milano and others.

Ittiere parent company IT Holding, which has been in government-backed bankruptcy protection since February 2009 after failing to secure funding, said that it had been granted approval for the loans by the Italian government and the European Union.

IT Holding is seeking a public auction for its Malo and Gianfranco Ferre brands, as well as Ittiere.

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