MILAN — Ittierre SpA may have secured the Just Cavalli license for another five years and perhaps its future as well, WWD has learned.
According to sources, Roberto Cavalli could sign a new contract in the next 24 hours, after being won over by Ittierre’s special administrators and their plans for his younger line. The current deal expires in 2010.
If Cavalli does so, it would mark a turning point for Ittierre, which filed for the Italian equivalent of Chapter 11 bankruptcy protection in February after running out of cash. Just Cavalli is Isernia, Molise, Italy-based Ittierre’s biggest license, generating revenues in 2007 of around 240 million euros, or $329 million, and is highly profitable. Ittierre’s other licenses include C’N’C Costume National, Galliano, VJC Versace and Versace Sport.
Dollar figures were converted at average exchange rates for the periods to which they refer.
A spokeswoman for Cavalli could not be reached for comment at press time.
A new deal would be the second major achievement for administrators Andrea Ciccoli, Stanislao Chimenti and Roberto Spada, who secured a 30 million euro, or $39.7 million, line of credit from five Italian banks at the end of February, allowing Ittierre to restart its engines and continue day-to-day operations.
“The company would be on track financially and strategically,” sources said Thursday. “This changes the perspective for everyone and signals the company will make it.”
A renewal would also signal a U-turn for Cavalli, who blamed Ittierre for having to cancel Just Cavalli’s fall-winter runway show in February, citing delays and substandard production. At the time, Cavalli said he tried to terminate the contract “some months ago” for not having been paid 20 million euros, or $26.5 million, in royalties and questioned the administrators’ abilities to turn Ittierre around. He also said he was in discussions with other potential partners, including Renzo Rosso’s Staff International, and could even take Just Cavalli’s production in-house. Cavalli’s remarks led Ittierre to threaten legal action.
Cavalli gave the first indications that relations had thawed on Wednesday, telling WWD he was committed to Ittierre.
“I will personally call between 200 and 300 of the best stores [that carry Just Cavalli] to tell them that I’m involved and I will speak to the 400 [Ittierre] workers [at the factory] in Isernia,” Cavalli said at the time.
Ittierre employs 772 people.
Sources also said a new contract with Ittierre would strengthen Cavalli’s position in negotiations with Clessidra SGR SpA. Cavalli is in talks with the private equity firm to sell a 20 percent stake in his eponymous fashion company. He last met representatives from the fund on Tuesday, when they laid out what he described as an “interesting plan.”
With Cavalli on board, the administrators will step up efforts to renew contracts with other licensors before addressing Ittierre’s parent company, IT Holding SpA, sources said.
IT Holding, which owns the Gianfranco Ferré, Malo and Extè brands, followed its production and licensing unit into administration at the end of February.
The annual Veuve Clicquot Polo Classic in Pacific Palisades this weekend drew Kate Hudson, Tracee Ellis Ross, Laura Dern and more. See pictures of the star-studded event on WWD.com. (📷: @chelsealaurenla) #wwdeye
In his new book “Hollywood Royale,” Andy Warhol’s Protégé Matthew Rolston celebrates the Eighties revival of Hollywood glamour. Featuring more than 100 portraits taken by Rolston from 1977 to 1993, the book contains photos of icons like Michael Jackson, Cyndi Lauper, and @drewbarrymore, pictured here in 1991. “Hollywood Royale,” out today, will be accompanied by an exhibition opening at Los Angeles’ Fahey/Klein Gallery on March 1. #wwdeye
"Nowadays when life is not so happy with everything going on in the world, I think people come to me for a little bit of whimsy and color and fun." - Designer Rebecca De Ravenel on her cult-favorite jewelry line. (📸 : @vsteves) #wwd40
“Everyone is talking about how the retail industry is struggling, but I think it’s an incredible time because brands who are doing something different and innovative are setting themselves up for the future,” said @adamgoldston, who founded the luxury athletic brand @apl with his brother @ryangoldsten. The Goldston’s are part of WWD’s 40 under 40: a group of industry notables. See the rest of the list on WWD.com. (📷: @vsteves) #wwd40
@eyeswoon blogger Athena Calderone debuted her first-ever cookbook, “Cook Beautiful,” which is heavily centered on the presentation and visual expression of food. Pictured here are her miso glazed carrots from the book. Get the recipe on WWD.com. (📷: @johnny_miller_) #wwdeye
“It’s passion that helps get anybody to a certain point and it’s what’s propelled me,” said Kith founder @ronniefieg, one of WWD’s 40 under 40: a group of industry notables who are changing the face of retail, fashion and beauty. Fieg, who opened a Manhattan flagship on October 7, began his career at age 13 as a stock boy and salesman for footwear chain David Z. “I think staying true to [my] beliefs, hard work and passion have gotten me to where [Kith] is today.” See the rest of the 40 at WWD.com. (📷: @vsteves) #wwd40
25-year-old @samweaving is about to break out this fall, starring in Netflix’s horror film “The Babysitter,” fittingly out today on Friday the 13th. That’s not the only place you’ll be seeing her, though — Weaving’s got a role Showtime’s “SMILF” and another alongside Frances McDormand and Woody Harrelson in “Three Billboards Outside Ebbing, Missouri.” Though she’s got a full plate at the moment, there’s one role she’s got her eye on: Marilyn Monroe. “I’m a little too young at the moment, but it’s on my bucket list,” the actress told WWD (📷: @dandoperalski) #wwdeye
BFF's Poppy Jamie and Suki Waterhouse celebrated the launch of their bag line Pop x Suki at Nordstrom last night. "The line is really about our friendship, and how we are so different but complement each other," said Waterhouse. 👯 (📷: Katie Jones) #wwdeye
After designing the new @louisvuitton and @bulgariofficial flagships and a @chanelofficial boutique opening in Japan, @petermarinoarchitect has another project on his plate: The Lobster Club. Located in the Seagram Building, it’s the famed architect’s first restaurant project in New York, serving up modern Japanese brasserie-style cuisine. Bronze hues, bespoke material detailing, blush and chartreuse tones and a heavy emphasis on Picasso can be seen throughout. Mark your calendars for Nov. 1 for the much-anticipated opening. (📷: @clint_spaulding) #wwdeye