By  on February 8, 2011

MILAN — Dubai-based Paris Group has secured the Gianfranco Ferré brand as the label’s state-appointed administrators have formally accepted the group’s binding offer.

This confirms a WWD report last month. The purchase price was not disclosed, but sources estimated Paris Group spent between 10 and 20 million euros, or $13.5 million and $27.1 million.

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