La Perla Bridal Spring 2020

MILAN — La Perla said Monday it was rationalizing its structure to focus on its core business and keep production at its headquarters in Bologna, Italy.

While the company is pledging to continue to invest in the Bologna plant, the reorganization does entail letting go of 100 employees out of a total of 400 there.

La Perla is focusing on its lingerie, underwear, night and beach wear which, the company said in a note, are “to be considered 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.”

“The reorganization plan is urgent and necessary to bring the operational management of the company, which has been suffering for the past two years, back into balance,” said the note.

The company on Monday initiated discussions with the unions “for a constructive management of the process.”

Amsterdam-based private equity firm Sapinda Holding B.V. took over La Perla in February 2018 and last August appointed former Burberry executive Pascal Perrier as chief executive officer of the Italian luxury fashion and lingerie label.

On the design front, La Perla last year also promoted Alessandra Bertuzzi to head creative designer after the departure of Julia Haart.

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

Since last year, Sapinda Holding has been carrying out a full restructuring of the La Perla business and its operations, with the goal to improve profitability and transform it into a leading luxury player.

As part of its new course, La Perla revealed in May it planned to increase its capital by 23 million euros, offering 5.1 million newly issued shares to external investors.

The board approved the issuance of the shares based on an equity valuation of 450 million euros.

During his tenure, Scaglia built on the brand’s lifestyle offering, which includes men’s sleepwear, underwear and women’s sunglasses and added stores, reopening the company’s Madison Avenue flagship.

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.