VERSACE RE-UPS: Ittierre said Thursday that it had renewed the Versace licensing contract, which includes the Versus, Versace Jeans Couture and Versace Jeans Signature lines. The five-year contract begins with the summer 2003 collection and is scheduled to end with fall-winter 2007-2008. Ittierre, a unit of IT Holding and the longtime manufacture of Versace’s diffusion collections, helped launch the Versus collection in 1988 and has held the license since then.

ARMANI AT HOME IN TURKEY: Giorgio Armani is set to open his sixth Armani Casa store, in Istanbul, Turkey, on Monday. The two-level, 2,700-square-foot space, which was designed by Armani and a team of in-house architects, will be operated by N. Ververis Moda Bagno SA. Other Armani Casa stores are in Milan, Paris, New York, Los Angeles and Athens.

MISSED DEADLINE: Marzotto’s board of directors met Thursday to approve 2001 yearend results, but industry insiders were expecting a Valentino announcement as well. After weeks of anticipation, Thursday’s meeting was billed as the unofficial deadline to announce the Valentino acquisition because Marzotto’s board must first vote and pass any proposals, contracts or transactions before they are made public. The day came and went and still no deal. Both HdP, Valentino’s parent, and Marzotto said they would announce news when there was something to communicate. The next Marzotto board meeting is unknown at this time.

KMART STORE UPDATE: Kmart on Wednesday received Chicago bankruptcy court approval to begin store closing sales at the 283 locations previously designated for closure, which includes 270 Kmart discount stores and 12 Kmart Supercenters in 40 states and 1 Kmart store in Puerto Rico. A Kmart store in Buffalo, N.Y., that was set to close will now remain open. The store closing sales, which began on Thursday, are expected to continue for two to three months and are being handled by a joint venture group consisting of seven liquidators.