MILAN — Things just keep getting better for Ittierre SpA.
This story first appeared in the May 26, 2009 issue of WWD. Subscribe Today.
After securing the Just Cavalli license for another five years, Ittierre, which is in special administration, last week revealed the renewal of the C’N’C Costume National license through fall-winter 2019. The deal covers the exclusive worldwide production and distribution of C’N’C men’s and women’s apparel and accessories, Ittierre and C’N’C’s parent company E.C. SpA said. Financial terms were not disclosed.
Ittierre, which filed for the Italian equivalent of Chapter 11 bankruptcy protection in February after running out of cash, also operates the Galliano, VJC Versace, and Versace Sport labels under license.
Galliano, whose deal expires in 2011, is expected to re-sign for another five years, according to sources. The Versace agreements run through 2012.
The C’N’C contract renewal is the latest in a series of achievements since Ittierre’s administrators Andrea Ciccoli, Stanislao Chimenti and Roberto Spada took control of the company.
The triumvirate secured a 30 million euro, or $40.5 million at current exchange, line of credit at the end of February and in April convinced Roberto Cavalli to extend the deal for his younger line through 2014. Last week, they named turnaround specialist Massimo Suppancig as managing director.
The administrators have until August to present a restructuring plan. 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. On Friday, IT Holding said chief financial officer Alessandro Finizio had exited the firm. A successor has yet to be named.