Italian fashion house Mariella Burani Fashion Group has purchased the assets of GFTnet Group's Sahza division for 1 billion lire plus related charges of 2.8 billion lire. The deal includes the transfer of the Sahza brand and 13 in-store locations in some of Europe's most prestigious department stores.
The acquisition of the Sahza division is consistent with Mariella Burani's strategy to expand its direct distribution network and support its dynamic growth with qualified, highly skilled professionals - particularly in the design and prototype field. As a result, the deal will also involve 17 people from the range development team transferring to the brand's new owners.
Both parties have agreed to proceed with trade union communications requirements and hope to close the agreement by the end of October.
Earlier this month, clothing and leather goods company Mariella Burani confirmed that 2001 sales would be "well above" 400 billion lire ($188.5m).
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