MILAN — Another Italian company is navigating through choppy waters.
Bottega Manifatturiera Borse SpA, which controls the Gianfranco Lotti luxury accessories label, filed a petition for composition with creditors on Tuesday. In the last months, the firm has been registering contractions in revenues due to a decrease in orders.
German investment fund Halder, which acquired Gianfranco Lotti and its parent company in 2013, said it will continue supporting the brand through financial investments, according to a statement released on Tuesday. Halder will guarantee the firm preserves the existing relationships with its suppliers and the current number of employees.
As part of a restructuring plan, Gianfranco Lotti named Anton Magnani chief executive officer. He succeeds Leo Giovacchini, who took the role on an interim basis last July. Giovacchini will temporarily remain in the company as a board member to facilitate the transition.
Magnani was previously ceo of Italian footwear company Lario 1989 SpA, contributing to the relaunch and international expansion of luxury label Sutor Mantellassi. Previously, Magnani held the role of managing director and senior vice president of Hugo Boss’ footwear and accessory division.
Last November, Gianfranco Lotti teamed with Tina Craig, founder of the blog Bag Snob, on an exclusive collection. The capsule included different versions of the Otto Bag, a design which, paying tribute to the number eight (that’s lucky in Chinese culture), an evolution of the octagon shape. The line was sold exclusively through Net-a-Porter and at the Gianfranco Lotti stores in Milan and Florence.
The brand counts stores, as well, in Dubai, Doha, Seoul and Chongqing, China.