Gianfranco Ferre Official Sale
CONSORTIUM between U.S. equity firm, Prodos Capital Management LLC, and South Korean conglomerate, Samsung Group, has approved the final offer to acquire the fashion house Gianfranco Ferré who had been in bankruptcy protection the Italian government. Inauguration of the letters stating removals Ferré ownership of IT Holding to the Consortium Prodos and Samsung are expected to final in two weeks.
Italian government spokesman stated, all terms are settled. “Just stay waiting for ratification,” he said while mentioning grinding can be done by Prime Minister Silvio Berlusconi’s Italy or the Minister of Industry.
The Italian government eventually chose the proposed offering Prodos and Samsung to buy fashion house is worth 15 million euros, equivalent to USD20, 2 million. Prodos and Samsung considered the party offering the most solid among other bargains.
Ferré fashion house bought by a consortium means a bright future for the fashion label. The reason, several fashion houses who requested the Italian government for bankruptcy protection during a prolonged economic crisis struck, instead choosing out of business. One of Mariella Burani.
In a statement given to the media, Prodos will hold the largest share, while Samsung’s Textiles Division will hold a minority share and provide operational funds to continue production. The Prodos as the majority shareholder will be responsible for maintaining the welfare of all employees Ferré totaling 150 people, also a factory in Bologna, Italy.
Although known as a manufacturer of mobile phones, Samsung also focus on the fashion world. Before Ferré, Samsung, through Cheil, textile division, investing for Derercuny, fashion labels that have unfortunately gone out of business last year. The joint Ferré, Samsung plans to expand to broader fashion label in South Korea.
Ferré is a subsidiary of the Italian fashion group IT Holding SpA until the company declared itself bankrupt last year. Several other fashion labels that are also owned by IT Holding, including the brand Malo Knitwear and Ittierre SpA, the company and manufacturing licensees for Just Cavalli and John Galliano, has been sold separately.
Ferré financial problems have started since the founder Gianfranco Ferré died from brain cancer three years ago. The condition of the fashion house was shaking and had to change twice a creative director. Designer duo Tommaso Aquilano and Roberto Rimondi are now menakhodai Ferré survived the criticism and retains characteristics and traditions Ferré fashion market.
Since the announced will go on sale in June, Ferré got five potential deals and then won by Prodos and Samsung that provides the highest bidder.
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