MILAN, July 5 (Reuters) - The deadline for bids for Italian fashion house Gianfranco Ferre, one of Milan's top designer names, was extended to Aug. 2 to give latecomer foreign bidders time to prepare an offer, a source close to the sale said.
A call for bids for the fashion house, known for its 'architectural' style in suits, was set to expire on Tuesday.
In a statement on Monday, the special commissioners running parent company IT Holding, which went into administration in February 2009 after it ran out of cash, said the deadline for Ferre's auction was postponed to Aug. 2, when binding offers for IT Holding's unit Ittierre are also expected.
The source said several foreign investors came forward after the auction was published in foreign newspapers last month.
'(The deadline) was extended after three to four foreign investors showed an interest,' the source said.
Several groups from Asia, including China, are preparing offers for Ferre, another source close to the situation said last week.
The three overseers have already set an Aug. 2 deadline for Ittierre, which makes and distributes clothes for lines such as Just Cavalli and Galliano. They are also selling IT Holding's cashmere brand Malo.
Investment bank Mediobanca is advising on the sales.
Several fashion houses, such as Christian Lacroix in France and Mariella Burani Fashion Group in Italy, fell into financial difficulties last year as the global crisis sapped demand for expensive clothes and accessories.
(Editing by David Holmes) Keywords: ITHOLDING FERRE/ (antonella.ciancio@thomsonreuters.com; +39 0266129722; Reuters Messaging: antonella.ciancio.reuters.com@reuters.net) COPYRIGHT Copyright Thomson Reuters 2010. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
A call for bids for the fashion house, known for its 'architectural' style in suits, was set to expire on Tuesday.
In a statement on Monday, the special commissioners running parent company IT Holding, which went into administration in February 2009 after it ran out of cash, said the deadline for Ferre's auction was postponed to Aug. 2, when binding offers for IT Holding's unit Ittierre are also expected.
The source said several foreign investors came forward after the auction was published in foreign newspapers last month.
'(The deadline) was extended after three to four foreign investors showed an interest,' the source said.
Several groups from Asia, including China, are preparing offers for Ferre, another source close to the situation said last week.
The three overseers have already set an Aug. 2 deadline for Ittierre, which makes and distributes clothes for lines such as Just Cavalli and Galliano. They are also selling IT Holding's cashmere brand Malo.
Investment bank Mediobanca is advising on the sales.
Several fashion houses, such as Christian Lacroix in France and Mariella Burani Fashion Group in Italy, fell into financial difficulties last year as the global crisis sapped demand for expensive clothes and accessories.
(Editing by David Holmes) Keywords: ITHOLDING FERRE/ (antonella.ciancio@thomsonreuters.com; +39 0266129722; Reuters Messaging: antonella.ciancio.reuters.com@reuters.net) COPYRIGHT Copyright Thomson Reuters 2010. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
© 2010 AFX News
