RENT BEFORE THEY BUY: Troubled Italian fashion manufacturer Ittierre SpA has a new suitor. Months after the firm turned to the Court of Isernia for aid in avoiding bankruptcy, Gruppo Colella, the firm behind mineral water labels Castellina and Santa Croce, stepped forth this week with a proposal to rent part of Ittierre and acquire it at a later date. The offer comes on the heels of a separate proposal by investment group IKF Holding.

Gruppo Colella, run by entrepreneur Camillo Colella, is interested in diversifying its portfolio by constructing a fashion center with both industrial and commercial wings, and also in acquiring an Italian fashion brand to develop, which various Italian reports from the Molise region suggested could be Gianfranco Ferré.

This story first appeared in the March 12, 2014 issue of WWD. Subscribe Today.

Following Colella’s offer, an assembly of unions was canceled on Tuesday so that members could reconvene and discuss the best options for Ittierre’s displaced workers.