September 4, 2009 / 10:17 AM / 8 years ago

Versace ends licence deal with IT Holding unit

MILAN, Sept 4 (Reuters) - Italian fashion house Versace has ended its licensing deal with IT Holding ITH.MI unit Ittierre -- currently in special administration -- for the production and distribution of its VJC and Versace Sport lines, it said.

The celebrity red carpet favourite said in a statement late on Thursday it had signed a deal with Gruppo Facchini, an Italian company that operates in clothing, hotels and art, and which already works on Versace group’s Versus line.

Versace said that starting from the Spring/Summer 2010 collection, Gruppo Facchini would produce and distribute VJC Versace womenswear, menswear and accessories.

Ittierre has licences for the Just Cavalli, Galliano and C‘N‘C Costume National fashion lines.

IT Holding, which owns Milan fashion house Gianfranco Ferre, was put into special administration in February under the weight of financial pressure. It is now in the hands of three government-appointed commissioners who have to draw up a plan for the group. They are not commenting on the process.

Special administration aims to find ways to revive the business of companies in financial difficulties without closing them down.

In an unsourced report on Friday, daily Corriere della Sera said the commissioners have been given until November 10 to present the plan.

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