The board of directors at Italian fashion firm IT Holding has asked chairman Tonino Perna to continue talks with Mensun, a company represented by Chinese businessman Billy Ngok, until the end of the year.

The talks are under an exclusivity agreement ending 31 December but no further details were given by IT Holding, which owns the Gianfranco Ferré brand and licences Versace Sport and Just Cavalli apparel.

However the company said in September that its parent, GTP Holding, was in negotiations with Ngok over a potential minority shareholding in GTP.

It also said at the time there was a possibility of IT Holding "stipulating commercial and production partnership agreements with reference to the Asian market".

Ngok is the chairman and founder of Hong Kong-listed apparel supply chain company Hembly International Holdings, but no contact is underway with Hembly or any of its subsidiary companies, IT Holding says.