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International buyers get in line for Gianfranco Ferre sale
18
Jun '10
Italian fashion house, Gianfranco Ferre's auction kick-started overnight, with a call for possible buyers to show their interest.

Ferre was the first key label that was knocked out by the world economic downturn only to come out at the other side for reformation, after coming under the grip of bankruptcy administration since last February.

One of the three administrators working on the label's reorganization, Andrea Ciccoli said that, strong offers received till now are due by July 6 so as to hopefully, end the sale before August.

Licensing and manufacturing business, Ittierre, that once belonged to the same mother company as Ferre, IT Holding, will also go on board for sales. Ittierre manufactured apparels and accessories for brands like Just Cavalli and John Galliano. And since licensing is more complex a business as compared to Ferre's, interested buyers had time till August 2 to confirm and close the bid, informed Ciccoli.

Ferre was one of Italy's most global fashion houses and was known for its crispy white shirts. Ferre's international presence therefore, before the onset of the auction, had already lured three very keen bidders namely, the textile division of South Korean conglomerate Samsung Group; Italian private-equity company, Palladio Finanziaria and another foreign financial investor.

In addition, Ittierre, which has a huge production component, also has four possibly interested buyers, all of them Italian, reveal sources. However, bidding will not be entirely based on the price offered.

As per Ciccoli, he and his other two colleagues will also take into consideration the possible buyer's capacity to fund the development of the business and thereby, sustain jobs, as there are hundreds of production jobs in jeopardy.

Fibre2Fashion News Desk - India


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