MILAN — The financially struggling Piazza Sempione is seeing some light at the end of the tunnel.
The fashion firm is currently controlled by Luxemburg-based SLPS — a holding company including LVMH Moet Hennessy Louis Vuitton's private equity fund L Capital; the brand's founders Marisa Guerrizio and Roberto Monti, and chief executive officer Enrico Morra as a stake holder. Now Vicenza, Italy-based clothing manufacturer Sinv SpA has emerged as an interested investor in Piazza Sempione, which was hit by a financial crisis in 2011. In October last year, the Milan-based company filed a petition for a composition with creditors with the court.
In accordance with this procedure, earlier this month Piazza Sempione submitted a restructuring plan, including a proposal for renting and then selling the company to Sinv. The court has already accepted the plan.
The restructuring plan, which is now being evaluated by creditors, is expected to be approved this week.
After that, Sinv will rent Piazza Sempione until the court makes a final review of the plan and ratifies it. Then Sinv will be allowed to purchase the company.
"We are very satisfied with the agreement we have reached with Sinv, which will keep the current employees and will maintain continuity in the management and in the company's business," Morra said.
Sinv, which is helmed by ceo Ambrogio Dalla Rovere, produces collections including Love Moschino and See by Chloé.
Piazza Sempione, which despite the turmoil has been able to deliver its spring-summer collections to retailers, is gearing up to present its fall-winter collection during the upcoming Milan Fashion Week.
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