Your browser is no longer supported. For the best experience of this website, please upgrade to a newer version or another browser.

Your browser appears to have cookies disabled. For the best experience of this website, please enable cookies in your browser

We'll assume we have your consent to use cookies, for example so you won't need to log in each time you visit our site.
Learn more

Ittierre files for bankruptcy protection

Ittierre, the production and licensing unit for diffusion luxury labels including Just Cavalli, Galliano and Versace Sport, has filed for bankruptcy protection after failing to find sufficient funding to enable it to continue trading.

Ittierre, a subsidiary of Italian-based company IT Holding, which owns the Gianfranco Ferre brand, filed for “amministrazione straordinaria” under the “Legge Marzano” - the equivalent of filing for Chapter 11 bankruptcy protection - to allow the group to be “restructured and continue its business operations”, according to a statement from IT Holding.

The bankruptcy order may be extended to the whole company, after IT Holding missed a loan payment in October and subsequently missed a deadline extension for the payment two months later.

The company said last week it was in arrears in paying royalties to the designers Ittierre makes and sells luxury goods for, including Roberto Cavalli and John Galliano.

IT Holding said in a statement: “The board ascertained the absence of the conditions necessary to continue its operations in a regular course of business; in particular with regards to the availability of the necessary financial resources and the continuity of its license agreements.”

It is unclear whether deliveries will be affected. Check back soon for more updates.

 

Have your say

You must sign in to make a comment

Please remember that the submission of any material is governed by our Terms and Conditions and by submitting material you confirm your agreement to these Terms and Conditions. Links may be included in your comments but HTML is not permitted.