IT Holding SpA, the Italian fashion group that has been in bankruptcy protection for nearly two years, has accepted bids for its Gianfranco Ferré and Ittierre businesses.

US private equity firm Prodos Capital and Salmar Shipping will take over the Ferré luxury unit, which includes Gianfranco Ferré, ITC and Nuova Andrea Fashion, as well as Gianfranco Ferré UK.

While Italian group Albisetti SpA, which makes underwear for the Cavalli fashion house, is to take over Ittierre. This is the young lines division that is licensed to produce and distribute ready-to-wear under the Just Cavalli, C'N'C Costume National, Galliano, Ermanno Scervino, GF Ferré and Exté brands.

The winning bids were chosen by the Minister for Economic Development in consultation with the special commissioners.

IT Holding went into administration in February 2009 after running out of funds.