Borletti Group is reportedly eyeing beleaguered Italian manufacturing and licensing company Ittierre.
Investment group Borletti, which controls department stores Printemps in France and La Rinascente in Italy, was recently reported to be considering investments in luxury labels Escada and Christian Lacroix.
Ittierre is owned by IT Holding and produces collections for Roberto Cavalli, Galliano and Ermanno Scervino. The subsidiary was placed into government-backed bankruptcy protection in February last year after failing to secure funding and is still under the control of special administrators Andrea Ciccoli and Stanislao Chimenti.
Commenting on a potential acquisition, Borletti chairman Maurizio Borletti told WWD: “Yes, we’ve said we were interested, and we continue to be so…Ittierre has a unique know how in the development of second, young lines and we know of several brands that would wish to expand in that segment.”
IT Holding, whose shares are still suspended from the Milan Bourse, is understood to have been seeking buyers for its Gianfranco Ferré, Malo and Exte brands since it filed for bankruptcy protection for the Ittierre subsidiary.
Roberto Spada, one of three officials charged with restructuring IT Holding, told WWD: “We’ve decided to sell Malo separately through a public auction and we expect to close the sale in two weeks.”
Spada added that Ittierre and Gianfranco Ferré would either be sold as a unit or separately and were likely to be auctioned off. He said. “We are optimistic, as the companies are back to being entirely operative.”