MILAN — Four months after appointing Massimo Suppancig managing director of Ittierre SpA, the special commissioners for parent company IT Holding SpA on Thursday extended his responsibilities to include the same role at knitwear subsidiary Malo SpA.
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“This appointment strengthens Malo’s management team…and ensures stability and operational consistency with the development guidelines given by the Commissioners,” IT Holding said.
Suppancig, 49, joined Ittierre in May and together with government-appointed administrators Andrea Ciccoli, Stanslao Chimenti and Roberto Spada, the clothing manufacturer has since further strengthened its licensing portfolio, after earlier this year extending deals with Just Cavalli and C’N’C Costume National. In July, Ittierre renewed an agreement through fall 2014 with John Galliano for secondary line Galliano women’s wear, men’s wear and leather goods and this week added a seven-year license with Ermanno Scervino for a new men’s and women’s line Ermanno Ermanno Scervino.
Ittierre and IT Holding, which also owns the Gianfranco Ferré, Malo and Extè brands, filed for the Italian equivalent of Chapter 11 bankruptcy in February.
As reported, IT Holding’s assets are understood to have attracted wide interest from potential buyers and the sale of one or more could be proposed as part of the administrators’ restructuring plan, which will be presented to Italy’s minister of economic development Claudio Scajola by Nov. 10.