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Ittierre owner courts buyers for brands

Ittierre parent company IT Holding is understood to have sent out a sale memorandum document to potential buyers of its Gianfranco Ferré, Malo and Exte brands, after it filed for bankruptcy protection for the Ittierre subsidiary earlier this week.

A European fund is understood to be eyeing knitwear label Malo, while Qatari investment firm Abu Issa Holding is interested in Gianfranco Ferré, according to reports.

Ashraf Abu Issa, president and chief executive of Abu Issa Holding, told Italian press: “We are evaluating different acquisitions with minority or even majority stakes. There are brands in Italy which are interested in opening their capital, and then companies in difficulty, which are in urgent need of a partner. Ferré could interest us too.”

Ittierre filed for bankruptcy protection earlier this week after failing to find sufficient funding to enable it to continue trading. Ittierre also operates the Just Cavalli, Galliano and Versace Sport labels under licence.

Administrators are expected to be appointed for Ittierre today.

IT Holding, whose shares have been suspended from the Milan Bourse, had a market capitalisation of €43.3 million (£38.9m). The group warned that it could follow its subsidiary Ittierre into administration.

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