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By
Reuters
Published
Feb 16, 2010
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Italy wants IT Holding to speed up asset sales

By
Reuters
Published
Feb 16, 2010

MILAN, Feb 15 (Reuters) - The Italian government wants to speed up the sale of assets by Italian fashion group IT Holding (ITH.MI) which has been in administration since last year, a trade union leader said on Monday 15 February.

Gianfranco Ferré
Gianfranco Ferre spring-summer 2010 in Milan - Photo: PixelFormula

Government-appointed commissioners and trade unions met the industry ministry on Monday 15 February to discuss a plan for the group, which owns fashion brands Gianfranco Ferre and Malo as well as production unit Ittierre.

"The ministry intends to accelerate the procedure for the sale of the brands," the union's national secretary Femca-Cisl Stefano Ruvolo told Reuters. "In the next few days we will have a tender for Malo, while Gianfranco Ferre and Ittierre will follow in the next few weeks."

Ittierre makes clothes for lines such as Just Cavalli and Galliano.

The commissioners have said the group's three main assets would be sold separately under a plan they have drawn up.

"There have been several expressions of general interest" for the three brands, Ruvolo cited the commissioners as having said. (Reporting by Cristina Carlevaro; Editing by Dan Lalor)

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