UAE based Paris Group to invest 100 million euros to re-launch GIANFRANCO FERRE
The committee of the Italian authorities in charge with the restructuring of the ailing GIANFRANCO FERRE, formerly part of the Ittierre Group, has chosen UAE based Paris Group as the winner of the race to control the brand and subsequently re-launch it. Owned by Abdulkader Sankari, Paris Group pledges to invest 100 million euros to re-launch the brand and bring it back to its former glory among the top luxury fashion brands in the world.
The first line of Gianfranco Ferre will continue to be produced by ITC in Bologna, while the diffussion line GF Ferre will likely continue be produced by Ittierre. The Paris Group CEO also confirmed Ferre will return to the catwalks with its men’s line too.
Paris Group CEO also confirmed it is targetting other European luxury brands as part of its aggressive expansion strategy. Recently, the UAE based group gained control of Ungaro purchasing it from its Pakistani owner. Paris Group also owns the exclusive distribution rights for Pierre Cardin and Balmain throughout the Middle East.