The famous Ittierre is knocked-out!
IT Holding SpA, owner of the Gianfranco Ferre fashion label, said Ittierre SpA, its main production and licensing unit, will file for bankruptcy protection after failing to find adequate funding.
The bankruptcy order may be extended to the whole company, the Milan-based clothing maker said today in a statement to the Italian exchange.
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.
“The board ascertained the absence of the conditions necessary to continue its operations in a regular course of business,” IT Holding said in the statement, citing a lack of financial resources and the unwillingness of its licensors to alter their agreements.