ITALY: IT Holding in talks with investors
Luxury goods group IT Holding SpA, owner of the Gianfranco Ferré fashion brand, has revealed it is in talks with a number of investors, including one which would help "rebalance the company's finances."
The board of the Milan-based company is due to meet tomorrow (3 January) to discuss its financial situation and one potential deal which would involve a capital increase and renegotiation of debt.
The firm, which has twice been forced to postpone a loan repayment, said it needs short-term credit facilities to pay suppliers for delivery of its spring/summer and autumn/winter collections and that a delay in royalty payments has also created tension with the licensors.
IT Holding, which licences labels such as Versace, Just Cavalli and Galliano, added that it is still in talks with Chinese firm Mensun, a company represented by Chinese businessman Billy Ngok, but that discussions are no longer on an exclusive basis.
Ngok is the chairman and founder of Hong Kong-listed apparel supply chain company Hembly International Holdings.
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