Borletti Group, the department store operator that recently eyed investments in Escada and Christian Lacroix, now has its sights on Ittierre SpA. “Yes, we’ve said we were interested, and we continue to be so,” said chairman Maurizio Borletti. “Ittierre has a unique know-how in the development of second, young lines and we know of several brands that would wish to expand in that segment.”
IT Holding comprises the Ferré, Malo and Exté brands and manufacturing arm Ittierre, which produces the Just Cavalli, C’N’C Costume National, Galliano and Ermanno Scervino collections.
Roberto Spada, one of three commissioners charged with restructuring IT Holding, which has been in government-backed bankruptcy protection since last February, and special administrators Andrea Ciccoli and Stanislao Chimenti are slated to provide an update on Malo to Italy’s minister of economic development this week. “We’ve decided to sell Malo separately through a public auction and we expect to close the sale in two weeks,” Spada said on the sidelines of the Gianfranco Ferré show Sunday. For Ittierre and Ferré, Spada said there are two alternatives: “Either we sell it as a unit or separately and those will probably be auctioned off too,” he said. “We are optimistic, as the companies are back to being entirely operative.”