We read in The New York Times that Gianfranco Ferré “has enough cash to stage fashion shows, introduce a shoe and handbag line and roll out a new logo.”
Ferré’s CEO, Michela Piva, claimed, “I think the luxury business has been through the worst. It has hit the bottom.” She also said, “The company was looking to infuse new life into the brand while retaining the heritage of its founding designer.”
Ferré’s administrators were granted a 30 million euro, or US $44 million, budget this year, part of which they decided to grant to the fashion house to fund the revival of the brand. The company benefited from Italy’s Marzano law, which enables administrators to let a company operate normally so that it can preserve its value for potential buyers. Read more about this in the MO Down for August 24: Italy Bails Out Its Debt-Ridden Luxury Brands.