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Fashion house Ferré up for auction

Italian fashion house Gianfranco Ferré and Ittierre, producer of collections Just Cavalli and Galliano, have been put up for auction by its state-appointed administrators, according to reports.

Fashion group IT Holding, which bought Ferré in 2002 and also owns cashmere brand Malo, fell into administration in February 2009.

Andrea Ciccoli, one of the three administrators, told the Financial Times that “Ferré needs a strong and rich new owner, who believes in the label and will develop a future for it.”

Binding offers for Ferré, whose founder Gianfranco Ferré died in 2007, are due in by July 6. Binding offers for Ittierre are due in August 2.

IT Holding received four expressions of interest for its knitwear brand Malo this month following a public auction.

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