Shares in Italian fashion house Mariella Burani, which owns the René Lezard brand, were suspended yesterday following deepening losses at the group.
Mariella Burani produces and distributes luxury clothing, leather goods and accessories under brands including Mariella Burani and René Lezard and also runs a network of retail outlets in Europe under the Revedi, Do Gil and Bernie’s fascias.
The company issued a statement on the Milan Stock Exchange which said trade in the stock was halted indefinitely as a result of the “markedly uncertain situation regarding (the company’s) possible economic, financial, corporate and asset-related developments.”
Mariella Burani reported a net first-half loss of €142.1m (£124.7m) for the six months to June 30, compared to a net income of €4m (£3.5m) in the same period last year.
In a statement issued with the results on August 30, Walter Burani, president of the board of directors, said: “The first half results clearly reflect the impact of both the negative economic environment and restructuring program currently in place…Management has placed renewed focus on increasing operating efficiencies, reducing costs, and further rationalising the group structure as a means of creating shareholder value.”
The group is the latest European womenswear house to face an uncertain future as stockists drop more traditional and classic labels in favour of contemporary ranges. German womenswear house Escada went into administration two weeks ago.