Ailing Italian lingerie and beachwear brand La Perla is getting a new chance. The Italian entrepreneur Silvio Scaglia has bought the brand for 69 million euro at a judicial auction. Other parties interested were Italian Calzedonia and Israeli Delta Galil.
La Perla to become ‘international beauty brand’
The new owner has already agreed to invest 110 million euro through his Luxembourgian enterprise SMS Finance. He wants to make La Perla “a grand international brand for beauty and female luxury”. His first ambition is to double sales in the first year.
He will first have to reorganise the company under supervision of the Italian court, as La Perla was in the first stages of bankruptcy - hence the supervision by the Italian courts.
Crisis and banks brought La Perla in trouble
Before the takeover the fashion label was owned by American investment fund JH Partners, who had bought it from the founding families in 2008. Shortly thereafter the chain was confronted by the crisis, which caused sales to drop. Two thirds of sales are realised in countries that suffered greatly from the economic crisis.
Furthermore, banks were not eager any more to allow credits, which were necessary to fulfil the business plan involving the opening of 160 new shops in Asia, Russia and Latin America in the next three year.
La Perla was founded in 1954 and had sales of 107 million euro last year. The brand is sold in 134 shops. The new owner Scaglia up to now is known as founder of telecom company Fastweb.