Roberto Cavalli, 120 days to present a new restructuring plan
The Italian fashion company is in full process to find a buyer. Among the interested parties are Bluestar, Alliance, OTB by Renzo Rosso and Philipp Plein.
The judge grants a truce to Roberto Cavalli. According to Reuters, the Court of Milan gave the Italian company 120 days to present a restructuring plan for its business while it keeps looking for a buyer.
The company, which presented an interim strategy to reduce costs, aims to save 21 million euros. To do so, the company will close non-strategic stores, reduce its investment in marketing and cut the financing of its foreign subsidiaries.
This moves comes a few days after the group’s US subsidiary, which operates under the name of ArtFashion Corp, filed for Chapter 7.
The Italian company is undergoing a process to find a new buyer. The company, currently owned by the Clessidra fund, has three main stakeholders: Phillip Plein, OTB and a US investment fund.
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