After about two years, since the Gianfranco Ferre fashion house had entered into bankruptcy protection, the authorities have approved its sale to an investment bank.
This fashion house was bought by IT Holding in the year 2002 for euro185 million i.e. for $255 million. It has been informed by IT Holding that the sale of Gianfranco Ferre fashion house to Prodos Capital Management LLC has been authorized by the government.
In February 2009, IT Holding demanded bankruptcy protection for the fashion house due to the threat from increasing debt.
Ittierre, another subsidiary of the company has been purchased by 'Albisetti SpA', which is an Italian textile group. Ittierre holds licenses for brands such as Just Cavalli and John Galliano.
Fibre2fashion News Desk-India
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