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6 Sep

La Perla Urged to Submit Business Plan by Italian Government

La Perla Urged to Submit Business Plan by Italian Government


MILAN — Developments for La Perla employees in Italy are at a standstill.

After the Ministry of Enterprises and Made in Italy summoned a roundtable with trade unions and representatives for the corporate on Tuesday, the latter didn’t appear to provide you with a plan. German businessman Lars Windhorst, the corporate’s owner via his London-based private equity firm Tennor, was notably absent in person and reportedly tuned in via streaming and left before its end.

The meeting followed news last August that the luxurious lingerie brand had did not pay July wages to its employees, as highlighted by the Filctem-Cgil and Uiltec-Uil unions in a joint statement. It is known that those wages were later paid.

The lingerie brand employs around 330 staff in Italy, 230 of that are based at its Bologna manufacturing site. Unions said that as of Tuesday, August wages had not been paid, but clarified that the corporate ensured they might be wired no later than Sept. 10.

Italy’s undersecretary Fausta Bergamotto, who presided over the roundtable, urged the corporate to “submit an industrial plan by mid-October and to fulfill with Lars Windhorst in person to know his relaunch plan,” she said. “We also expect the corporate to honor his duties and pay August wages,” she added. She claimed that the federal government is willing to assist put in place all needed and available measures but said that the state is “not a debit card.”

Because the roundtable unfurled in Rome, about 130 La Perla employees were demonstrating on the Ministry of Enterprises and Made in Italy’s headquarters on the capital’s central Via Veneto.

Stefania Pisani, the final secretary of the Filctem-Cgil union, said “satisfaction is partial in relation to the corporate’s reassurance about paying wages, which we are going to only make certain about on the time of the deposits, but we’re totally unsatisfied in regards to the company’s future plans, as there isn’t a real relaunch plan.”

La Perla didn’t reply to requests for comment Wednesday.

The troubled innerwear brand has did not steadily relaunch in recent times, after Windhorst’s private equity firm Tennor, then often known as Sapinda, took over the corporate in 2018. La Perla stays heavily indebted because it logged pre-tax losses of 48.8 million euros on sales of 69.1 million euros in 2022, in keeping with the corporate’s annual report.

The 60 million to 70 million-euro financing to relaunch the brand which the German businessman had pledged to place in place never materialized. Last month, La Perla Fashion Holding issued 50 million euros in bonds, or 11.1 million shares, hoping to enhance its financial position and allocate funds to the brand’s relaunch.

Over the past few years, the lingerie label has been searching for brand new revenue streams and has expanded into beauty and swimwear. It became one in all the primary brands to affix Amazon Luxury Stores. The corporate also invested $50 million within the now-shuttered British couture house Ralph & Russo.

As reported, La Perla’s troubled business trickled all the way down to its U.K. operations as last July it resolved winding-up petitions filed by a pool of its British creditors. Specifically Purple PR; the accountancy firm Mazars; the design agency Edge Retail, and the consultancy firm HSO Enterprise Solutions all served winding-up notices to the corporate. Petitions have since been withdrawn after La Perla paid its debts, apart from the latter, as the corporate still owes HSO Enterprise Solutions greater than 701,129 kilos.

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