MILAN — Boglioli said Tuesday that the Court of Brescia, Italy, has accepted the procedure of voluntary arrangement with creditors and that a meeting with the creditors has been set for January 18.“The court’s approval is a fundamental step in the relaunch of the company,” stated the men's wear company, which is based in Gambara, near Brescia.The company revealed that all operative powers have been granted to its new president, Francesco Russo. This is seen as a natural step, following the purchase of Boglioli by PHI Industrial Acquisitions this summer. Russo has been part of the PHI Industrial Acquisitions team in Italy since 2014 and was previously general director of La Perla and chief executive officer of storied textile company Mascioni, which is now also controlled by PHI Industrial Acquisitions.“In these first months, we have already seen with our own eyes Boglioli's enormous potential in the main global markets, thanks to the strength of its brand and to the excellence of its product, and we are enthusiastically working with all our strength and energies to bring back the company as a leader in the world of outerwear and of men’s elegance," said Russo.Andrea Perrone, who was appointed ceo of Boglioli in October 2016, succeeding Giovanni Mannucci, now ceo of Pal Zileri, will relinquish his role but will continue to be a member of the board. Perrone is a former Brioni and Ferrari Brand SpA executive. He has been a member of the board of Boglioli since 2013, as a director of Wise, and became senior adviser of the Wisequity III and Wisequity IV funds in 2016.As reported in May, private equity fund Wise SGR, which held a 98 percent stake in Boglioli, accepted an offer made by international fund PHI Industrial Acquisitions to buy the clothing firm. Financial details of the transaction were not revealed.Boglioli’s collections are now designed by an in-house team. In June, the brand returned to Pitti Uomo after a four-year hiatus from the Florence-based men's wear trade show. Creative director Davide Marello left the company after the presentation in Milan of the fall collection. Marello was tapped in 2015 and he was the first to hold such a role at the firm.The latest figures available peg revenues in 2015 at 24 million euros.The Boglioli deal was only the latest one in the sector. Other acquisitions in men’s wear include the sale of Pal Zileri to Qatar-based Mayhoola Group in 2014 and of Corneliani to Bahrain-based Investcorp last year. Before that, Brioni was sold to Kering (then PPR) in 2011, and Caruso sold a 35 percent stake to Hong Kong-listed Chinese conglomerate Fosun International Ltd. in 2013.
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