PARIS — Balmain announced on Wednesday it has broken off its agreement with troubled Italian manufacturer Ittierre SpA for the production of its secondary label Pierre Balmain. The contract was signed in July 2011 and was due to end in 2016.
“Due to an early termination of the agreements between Paris’ House of Balmain and Ittierre, Balmain has assumed complete control of the production and distribution of the Pierre Balmain collection,” Balmain said, without detailing the reasons for the split.
Pierre Balmain will show a women’s collection and men’s capsule collection for fall-winter 2014-2015, the French fashion house added.
Officials at Ittierre declined to comment. The company has asked the Court of Isernia to prepare a plan for the repayment of creditors to avoid bankruptcy, and its future now hinges on finding a financial partner.
Ittierre announced in September it was reviewing its portfolio of licenses and streamlining its structure. The Karl Lagerfeld Paris license was mutually terminated before its five-year expiration date after two seasons, and the C’N’C license was not renewed, following the termination of the Costume National license.