The future of young fashion businesses Miss Sixty and Energie could be safeguarded thanks to a new deal with the Italian government.
Pan Asian group Crescent HydePark, which bought Sixty Group in May, is understood to have inked a deal with the Italian government and local authorities to create a new company, which will manage Sixty Group’s portfolio of brands under a five year licencing agreement.
A third of the job roles at the group are expected to be saved as a result. Sixty Group, the parent company of Miss Sixty, Energie, Refrigiwear and Murphy & Nye currently has 365 employees.
According to reports 50 to 60 roles will fall under the new company. Additionally to this a separate “satellite” company will be also be set up to help provide services for the four brands and will hire around 70 people.
The discussions between Cresent HydePark and the Italian government have also involved local unions, Cisl and Uil, both of whom need to sign the deal.
The deal will only affect the retail arm of the business as Sixty Group ceased wholesale operations in the UK and other European countries including Germany late last year.
Speaking to Drapers in November last year one source said: “Wholesale is finished for the brand. I think the investors will keep it [Miss Sixty] going but only as a retail business, with production coming from Asia.”
Many stockists were forced to cancel their spring 13 orders. One branded multiple retailer added: “From what I’ve been told, they [Crescent HydePark] are basically stopping the European wholesale operation. It looks like they will take it all in-house in Asia and only manufacture for their own stores.”
Sixty Group could not be reached for comment.