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Italy's industry ministry gives green light to OVS acquisition of Stefanel

VENICE (Reuters) - Italy’s industry ministry on Thursday gave its green light to the acquisition of high-street fashion brand Stefanel by clothing retailer OVS, a union member said.

The retailer was in exclusive talks to buy Stefanel, which was under special administration, for a total of 3.2 million euros.

OVS will buy the brand and 23 shops out of a total of 27, but it will not acquire Stefanel’s headquarters, Margherita Grigolato, from FILCAMS-CGIL union told Reuters.

Reporting by Riccardo Bastianello, writing by Giulia Segreti, editing by Francesca Landini

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