Most Recent Articles In Fashion Scoops
Latest Fashion Scoops Articles
A SNAG AT FERRE?: The sale of the Gianfranco Ferré company has hit a bump. A source close to the firm said Samsung is having “second thoughts at the altar.” As reported, last month Italy’s minister of economic development approved the decision of the three state-appointed commissioners of Ferré’s parent company, IT Holding SpA, to accept Prodos Capital Management LLC’s bid to acquire the brand. Prodos has joined forces in the deal with Salmar Shipping Ltd., a Greek company owned by the Salonitis ship-owning family. The closing of the contract was conditional on an agreement between Prodos and Samsung, which has a fashion line of its own and would be involved in the Ferré deal.
“Samsung is not giving the administrators the guarantees they had requested, such as keeping the company’s employees or on long-term projects,” said the source. “Now it’s up to the administrators again, and they are evaluating how to proceed.” Although the reasons behind this stall are unclear, the source speculated the parties involved “may have agreed on strategies, but not on the operative decisions, such as the choice of a chief executive or of a creative designer.”