MILAN — Italy’s Ittierre SpA took another step toward recovery on Monday, after the administrators for the fashion company named Massimo Suppancig as managing director.
Suppancig, 49, led the turnaround of high-end accessories firm Valextra SpA, serving as chief executive officer from 2003 to 2007. He has also held senior roles at Hugo Boss AG and Escada AG.
“The appointment of Mr. Suppancig is a show of strength to the market, the licensors and the suppliers of the company,” the administrators stated, citing Suppancig’s industry and turnaround experience. “It also underlines how determined we are to revive Ittierre [and] safeguard its industrial and commercial know-how.”
Ittierre, which operates under license the Just Cavalli, VJC Versace, Versace Sport, C’N’C Costume National and Galliano labels, filed for the Italian equivalent of Chapter 11 bankruptcy protection in February after running out of cash.
Since then, administrators Andrea Ciccoli, Stanislao Chimenti and Roberto Spada have secured a 30 million euro, or $40.5 million at current exchange, line of credit, which allowed Ittierre to restart its engines and continue day-to-day operations, and secured the Just Cavalli license through 2014.
The triumvirate has until August to present a restructuring plan. Isernia, Molise, Italy-based Ittierre employs 772 people.
Parent company IT Holding SpA, which also owns the Gianfranco Ferré, Malo and Extè brands, followed its production and licensing subsidiary into administration at the end of February.