GFT NET TO SELL FACTORY
MILAN — Italy’s Holding di Partecipazioni Industriali, parent of Valentino and Joseph Abboud, is taking another step away from fashion. GFT Net, HdP’s clothing arm, plans to sell its Bosconero clothing production facility to the Italian fashion group Fin.part.
The two companies said in a joint statement Monday they had informed the relevant labor unions of their intentions, and that an agreement to transfer the factory would be completed in September.
Fin.part said it would use the factory, which currently employs 150 workers, to produce clothing for its Cerruti brand. In addition to Cerruti — which the company says it intends to relaunch worldwide — Fin.part owns Frette, Maska and Henry Cottons.
Last month, HdP said it planned to sell its 54.6 percent stake in Fila, a move widely seen as a first step towards divesting itself of its fashion holdings. HdP, which also owns the publishing group Rizzoli Corriere della Sera, has repeatedly voiced its intentions to focus its energies on its core business of publishing and media.