Samsung Group in pole position to buy Gianfranco Ferre

The auction for the bankrupt Italian luxury brand GIANFRANCO FERRE starts today, with calls for formal bids. The deadline for submitting offers is July 6th with a sale transaction expected to take place before the beginning of August 2010. South Korean SAMSUNG Group is reported to be the favourite bidder, followed by Italian private equity firm Palladio Finanziaria. Sources close to the administrators of the Ittierre Group, parent company of Gianfranco Ferre estimate the value of the Ferre company at EUR 300 million.