PARIS — Italy’s Ittierre SpA, which went into administration in February, has secured a deal to manufacture and distribute John Galliano SA’s women’s wear, men’s wear and leather goods collections.
The five-year deal, an extension of a previous women’s wear agreement the Italian company signed with John Galliano in 2006, will start with the fall 2009 collections and is due to run through the fall 2014-15 season.
The deal — which analysts say could bring yearly revenues of around 40 million euros, or $56.3 million at current exchange rates — is part of Ittierre managing director Massimo Suppancig’s priorities to turn the company around.
Ittierre, which operates under license the Just Cavalli, VJC Versace, Versace Sport, C’N’C Costume National and Galliano labels, filed for the Italian equivalent of Chapter 11 bankruptcy protection in February after running out of cash.
Since then, administrators Andrea Ciccoli, Stanislao Chimenti and Roberto Spada have secured a 30 million euro, or $40.5 million, line of credit, which allowed Ittierre to continue day-to-day operations, and secured the Just Cavalli and C’N’C Costume National licenses. The VJC Versace license expired with the fall 2009 collection.
The administrators said the agreement with John Galliano confirms the company’s “international stance and its operational capabilities.”
John Galliano executives were not available for comment.
Ittierre’s administrators have until August to present a restructuring plan. Based in Isernia in southern Italy, the company employs around 1,000 people.
Parent company IT Holding SpA, which also owns the Gianfranco Ferré, Malo and Extè brands, followed its production and licensing subsidiary into administration at the end of February.
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