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Gianfranco Ferré Refutes Media Reports

Company released a statement denying that the Isernia court had sequestered its brands during a hearing on April 20.

NOT TRUE: Gianfranco Ferré released a statement Thursday denying a news item that circulated last week, which said the Isernia court had sequestered the company’s brands during a hearing on April 20. Ferré, owned by Paris Group, also highlighted that contrary to media reports, during the hearing the company produced evidence to rebut the January seizure request by the three state-appointed administrators, who oversaw the sale of Ferré in February last year.

According to the statement, the company provided documentation, showing it had made investments of more than 30 million euros, or $39.6 million at the current exchange rate, in a year and had paid off 93 percent of its debt.

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