By  on August 9, 2010

MILAN — Malo has a new family — the Tuscan-based luxury retail group Evanthe.

The ministry of economic development sealed the acquisition, already approved in June by Malo’s three state-appointed administrators — Andrea Ciccoli, Roberto Spada and Stanislao Chimenti.

Evanthe’s was one of four offers submitted in June to purchase the high-end knitwear specialist, whose creative director is Saverio Palatella.

According to industry sources, Evanthe, a general contractor that develops luxury stores for the likes of Louis Vuitton, Prada and Abercrombie & Fitch, bought Malo for between 8 million and 10 million euros, or $10.6 million and $13.2 million at current exchange.

Besides the price, the administrators and the ministry were convinced by Evanthe’s industrial plan to grow and develop the brand.

“Evanthe’s interest in Malo is solid and serious, not speculative. The company has the financial means and resources to support the growth, while safeguarding its heritage and maintaining all its employees,” said Andrea Ciccoli.

Malo is part of IT Holding, which has been in government-backed bankruptcy protection since February 2009.

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