La Perla Bridal Spring 2020

MILAN — La Perla and the Italian Ministry of Labor and Social Policy have agreed on a step into the Italian innerwear company’s corporate restructuring plan.

As a result, La Perla will grant 65 of its employees at its Bologna, Italy, headquarters unemployment benefits to be extended for another 10 months, until Oct. 31. The procedure was first initiated in October last year.

In particular, according to a note issued on the Ministry’s web site the procedure affects 58 employees of La Perla Manufacturing Srl, who worked on the men’s and ready-to-wear collections, and seven workers of La Perla Global Management U.K. Ltd., the head office of the La Perla operating entity, who were dedicated to the rtw line.

As reported, the company said last June it was rationalizing its structure to focus on its core lingerie, underwear, night and beachwear businesses, which the company consider “crucial for the continuity of the business and in order to ensure high-quality levels to the products and faster placement of products on international markets.”

While pledging to keep production at its headquarters in Bologna, it planned to let go of 126 employees out of a total of 400 there. In July, the Ministry of the Economic Development requested La Perla’s management, headed by chief executive officer Pascal Perrier, submitted a new plan to help safeguard the brand and its ties to Bologna, which led the company to suspend the job cuts.

As part of its restructuring plan, in an unexpected move, La Perla Fashion Holding NV listed its shares on the Euronext Growth Market, operated by Euronext Paris and trading started on Sept. 6.

Amsterdam-based private equity firm Sapinda Holding B.V. took over La Perla in February 2018 and in August that year appointed Perrier, a former Burberry and Gucci Group executive, as ceo.

Sapinda Holding bought 100 percent of the company from Italian entrepreneur Silvio Scaglia, who had controlled La Perla since 2013.

La Perla was founded in 1954 by corsetry-maker Ada Masotti. Her son, Alberto Masotti, headed the business until it was sold to San Francisco-based private equity player JH Partners in 2007, which later passed the firm on to Scaglia’s Pacific Global Management.

Last July, British couture house Ralph & Russo welcomed a new partner in La Perla Fashion Investment BV, which has taken a $50 million, non-controlling minority share. Perrier is joining the board in a non-executive advisory capacity.

In October, La Perla Fashion Holding NV launched a subsidiary dedicated to the beauty business, called La Perla Beauty and focused on developing luxury fragrance, cosmetics and skin care, leveraging the opportunity to engage with a broader consumer audience.

La Perla describes itself as wholly owned subsidiary of Tennor Holding BV, a global investment holding company that takes majority and minority stakes in public and private firms, as well as in public and private debt instruments. It is also an indirect majority shareholder of La Perla Global Management U.K. Ltd., the head office of the La Perla operating entity.

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