In terms of Italian fashion design names, Ferre is certainly one of the biggest in that European nation, or rather will have been. It turns out that the the company has been under bankruptcy protection since 2009 and is set to be bought by a United States based private equity firm by the name of Prodos Capital, formerly held by IT Holding. In a recent statement to the press, it was further revealed that the fashion house, the full name of which is Gianfranco Ferre, has sold off its Ittierre brand of underwear to former licensee Cavalli. The government of Italy had to first clear the sale since the distressed company had the offer from Prodos Capital and no that they have, the house built by Gianfranco Ferre in 1978 will be able to continue on making its men’s suits which have been described as having an architectural style of design. Too much debt and a global recession were a bad mix for Ferre and a government special administrator had been in charge of the company since it entered into bankruptcy. Italy’s Ministry of Industry was the body to approve the sale.
In further news, it turns out that fashion house Cavalli’s Albisetti holding group will be distributing clothing lines such as Galliano and Just Cavalli from here on out. Debts in excess of $1.65 billion are what have been said to sink IT Holding and caused it to be admitted into bankruptcy during February of 2009. It remains unclear what Ferre sold for, but bids of 15 million euros or more had been reported.
