"Versace Versace" holder or application for bankruptcy

The economic crisis engulfed the global luxury goods market, boasting famous brands such as Gianfranco Ferre, and Italian fashion giant IT Holding Group, which owns licenses for production and sales of Versace sportswear and other high-end brands, warned on February 9 that the group may be Forced to apply for bankruptcy protection.

IT Holding Group, headquartered in Milan, Italy, said on the same day that due to the global economic downturn affecting the luxury goods industry, the group’s Lttierre unit may go bankrupt due to cash difficulties. The spokesperson of the group stated that “very likely” the entire group will also apply for bankruptcy protection. IT Holding had approximately 1,800 employees in 2007, with sales of 637 million euros, of which Lttierre's annual revenue accounted for approximately 60% of the group's total revenue. It is reported that IT Holding needs to pay about 300 million euros of debt.

The Italian Stock Exchange suspended the trading of IT Holding shares. Moody's lowered its default rating from Ca to D, the lowest level, which means that the company has already breached the contract.

IT Holding Group stated that the emergency takeover clause in Italian law will give it protection to temporarily deal with creditors, allowing the company time to restructure and get out of trouble. According to a statement issued by Lttierre on the Italian Stock Exchange, the reason for applying for bankruptcy protection was "the company's lack of ability to maintain normal operations." The statement pointed out that the main reason was that "required financial resources" had a problem and said that the company had made This decision is to "make the group have the opportunity to restructure and continue to operate."