MILAN — As if any further reminder were needed of the financial crisis’ growing toll on the industry, Milan Fashion Week kicked into full swing with news that IT Holding SpA had filed for the Italian equivalent of Chapter 11.
The owner of the Gianfranco Ferré, Malo and Extè labels followed its production and licensing unit Ittierre SpA into administration on Thursday after last week filing for bankruptcy protection under the Italian equivalent of Chapter 11. Italy’s Minister of Economic Development Claudio Scajola approved the request, widening the brief of the three administrators he appointed Feb. 12 to restructure Ittierre. The move by IT Holding is likely to set off a scramble by companies eager to snap up its brands — particularly Ferré, which shows today, and Malo, which is holding off-calendar presentations by appointment.A spokesman for IT Holding said Thursday it was too early to say what the administrators planned to do to ease the group’s net debts, which, as of Sept. 30, totaled 295.4 million euros, or $376.7 million. But according to sources, a dossier has been sent out to potential investors hoping to solicit bids for part or all of the group. A European fund is already eyeing knitwear label Malo, while Change Capital Partners has renewed its interest in Ferré, IT Holding’s marquee label, sources said. Meanwhile Doha, Qatar-based fund Abu Issa Holding told an Italian newspaper earlier this month it too could be interested in Ferré — meaning by next season, at least two of Italy’s high profile fashion labels could have new owners.IT Holding submitted its petition under the Marzano Law, which allows companies to be placed under emergency administration and reorganized to stay in business.“The extension…is designed to protect the group and continue its activities,” Scajola said of his decision. “With over 1,800 employees, [IT Holding] possesses a know-how, which needs to be preserved and developed in a way that allows the further development of an activity in a sector, which is fundamental for Made in Italy and for our country’s in world markets.”On Wednesday, Ittierre said it obtained a 30 million euro, or $38.3 million at current exchange, line of credit from five Italian banks, after filing for protection under the same law earlier this month. The company said the lifeline would allow it to “reactivate its industrial and commercial activities in the spirit of safeguarding its day-to-day operations.”Sources close to the Italian fashion group said the new bank facility and Thursday’s decision represented a new dawn for Ittierre with IT Holding chairman and majority shareholder Tonino Perna frozen out.“In this financial environment, Ittierre achieved new financing in record timing. With the old ownership completely out of the picture and new money, the company is back on its feet,” sources said.Perna holds 60.6 percent of IT Holding via PA Investments SA and a further 1 percent through GTP Holding SpA, a separate vehicle. PA has debts of around 140 million euros, or $179.4 million.Ittierre, which employs 772 people and accounts for around two-thirds of IT Holding’s revenues, operates under license the Just Cavalli, VJC Versace, Versace Sport, C’N’C Costume National and Galliano labels, although the business ground to a standstill earlier this month after running out of cash. It still owes licensors royalties.Roberto Cavalli, whose Just Cavalli label is Ittierre’s biggest license, generating annual revenues in 2007 of around 240 million euros, or $329 million, canceled the young line’s runway show this week, blaming the disruption at Ittierre.
“I design by visualization. I see things, and most of the time they’re not practical to actually make, and what I’ve found here, it’s like anything’s possible. This is the first time that I’ve made a sole unit in two months. That process usually would take six, so here’s a difference,” said @virgilabloh of the first sneaker sample he created for @louisvuitton, pictured here. Abloh spoke to WWD about his debut collection for Louis Vuitton, creating @kendalljenner’s #metgala outfit and redefining the heritage brand. Read the full story on WWD.com. #wwdfashion (📷: @alfredo_piola)
The world’s largest producer of denim @iskodenim is sharing the strategy behind its product development process. Read our full interview with ISKO’s product development manager Baris Ozden on the company’s extensive research practices, upcoming denim trends and the latest material innovations on WWD.com. #iskodenim
“I genuinely fell in love with water, I fell in love with Fiji, I fell in love with the whole life that we lived for those few months,” says @mrsamclaflin of filming for his new movie “Adrift” with @shailenewoodley. The 31-year-old actor spoke with WWD about his upcoming projects, meeting Jamie Dornan and working with co-star Woodley. #wwdeye (📷: @jamstoker)
3 years ago, fans of the late singer Aaliyah started calling for a collaboration with @maccosmetics. With the strength of social media — including mock ups of products — 25,000 people signed a Change.org petition for a limited-edition collection, and MAC couldn’t ignore the buzz. Tomorrow, MAC will unveil MAC x Aaliyah, a tribute to the singer who passed away nearly 17 years ago. Head to our stories to preview the new collection, which was worked on by Aaliyah’s family and inspired directly by her makeup bag. #wwdbeauty
Artistic director @clarewaightkeller will be dedicating @givenchyofficial’s fall 2018 couture show in Paris on July 1 to house founder Hubert de Givenchy, who passed away in March at age 91. Givenchy said the collection would be “an homage to his iconic creations, technique, and personal lexicon” and a “celebration of his timeless elegance and grace.” Head to WWD.com to read more. #wwdfashion (📷: Delphine Achard)
La Double J made a name for itself with its vintage-inspired prints, but for resort, designer JJ Martin has ventured into new territory: enter rich jewel toned solids and decadent embellishment, in the form of appliqués, crystals and sequins. #wwdfashion #resort19 #ladoublej
This Just In: J. Crew Group has named Johanna Uurasjarvi as its chief design officer.
Uurasjarvi succeeds Somsack Sikhounmuong, who left the company last September. Tap the link in bio for the full report. #wwdnews
“She came into my hotel room and she was like, ‘I have Chanel and Christian Dior.’ She was like, ‘Chanel likes you.’ And I was like, ‘I’m going to start crying,’” breakout star Maddie Hasson tells WWD of her styling sessions Molly Dickson. “I really like classic, elegant things. I love the way Anna Wintour dresses.” Read more about Hasson’s role in @impulseseries on wwd.com. (📸: @jgreenery ) #wwdeye
@virgilabloh revealed he's working with Australian stylist and
Vogue Australia fashion director @christinecentenera for his debut @louisvuitton men's collection, which will be presented in Paris on June 21. Centenera met Abloh while both working with Kanye West, where she consulted on his all his runway collections since his debut spring 2012 women's wear show. Read the full story on WWD.com. #wwdfashion #wwdnews (📷: @asussmanphoto)