MILAN — Four-year-old Milan-based ready-to-wear line Derercuny has folded.
Derercuny’s Korean owners Samsung Fashion shuttered the designer label at the end of March due to the economic crisis.
“Frankly the brand was not profitable and we need a much bigger investment to make it profitable this year,” said Yonzik Kim, the Italian president of Samsung Fashion. “The global financial crisis prevents us from doing that.”
Profits at Samsung Fashion, which produces and distributes 30 other fashion brands mainly in Korea, fell 30 percent last year. The company declined to provide a figure. Sales for the period were flat at $80 million.