Feb 26, 2010
Malo auction seen end of March, Ferre to follow
Feb 26, 2010
MILAN, Feb 26 (Reuters) - The auction of Italian cashmere brand Malo is expected for the end of March, followed by that of fashion brand Gianfranco Ferre, one of the commissioners running their parent group IT Holding (ITH.MI) said on Friday 26 February.
The Italian government wants to speed up the sale of assets of IT Holding, which has been in administration since last year, according to a trade union leader.
The group has been in the hands of three government appointed commissioners, who have drawn up a sale plan for its assets Ferre, Malo and production unit Ittierre.
Speaking on the sidelines of the Gianfranco Ferre autumn/winter womenswear fashion show on Friday 26 February, commissioner Roberto Spada said the documentation for the Malo auction had been filed with the industry ministry and the green light was expected on Monday 1 March.
"The auction is foreseen for the end of March," he told reporters. "We have concluded the documents for Ferre, the documentation will be dropped off next week, and then Ittierre will follow. We expect the results of the auction for Malo and Ferre could come in April."
He said "very concrete proposals" had arrived for Ferre. (Reporting by Cristina Carlevaro; Editing by David Holmes)
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