2009 February 27
Just In From Milan: The Ferré Scoop
(MILAN) The Italian section was filled with suits--five very expensive ones in particular, and they didn't resemble Ittierre management. Designers Tommaso Aquilano and Roberto Rimondi unveiled their second Ferré collection this afternoon to a packed house of every editor that matters, and judging from the nods and applause rippling through the front row, it was a phenomenal success.
The victory is bittersweet, of course, given that in addition to production company Ittierre's recent bankruptcy, parent company IT Holdings has also filed for bankruptcy. Ittierre has cobbled a $38.3 million line of credit from 5 Italian banks (still a far cry from making up for IT's net debts total of $376.7 million)--which has not instilled confidence in the company's ability to dig itself out of a proverbial financial hole.
While insiders insist that Ittierre is not actively seeking to sell the brand, given the blow to confidence that would inevitably accompany such a sale, it is believed that a new buyer will emerge in the upcoming weeks, given the likelihood of Itierre's insolvency coupled with the ever-increasing relevance of this brand under the new design team of Aquilano and Rimondi. The designers were not fielding questions about Itierre backstage after the show, they appeared reassured by the throngs of high-level wellwishers that congratulated them on the nearly impossible task of putting out such an outstanding accomplishment at a devastating time.
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