ITTIERRE (IT Holding) crisis deepens
Crisis at Italian luxury fashion & accessories producer ITTIERRE (IT Holding) has been deteriorating at a very fast pace. The holding which filed for bankruptcy protection in March this year indirectly harms VERSACE and ROBERTO CAVALLI, failing to pay the royalties for the Versace Jeans Couture, Versus and Just Cavalli lines which produces under licence from the 2 Italian fashion companies. ITTIERRE owns Italian brand GIANFRANCO FERRE, which has been in decline since the death of its founder in 2007.
In Romania, Bulgaria and Poland ITTIERRE owns a chain of stores under the IT brand, which are on the brink of collaps.