While Versace celebrates, luxury group Valentino Fashion struggles. According to the Wall Street Journal, the Valentino Fashion Group's lenders are looking to renegotiate the brand’s debts by the end of the (European) summer to avoid defaulting on their loans.
It seems that the Global Financial Crisis has severely weakened the Valentino Fashion Group, with profits from Hugo Boss declining by 27 percent in 2008. And if they can’t lift their game by the end of summer, we hate to think what might happen...
We’ll keep you posted on this breaking news, but in the meantime, read the latest in the Wall Street Journal article: Lenders Push for Valentino Debt Deal.
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