US billionaire Peter Kern acquires Italian lingerie label La Perla
Peter Kern, former chief executive of US travel technology company Expedia will be the new owner of troubled Italian luxury lingerie label La Perla, the Italian government announced recently.
Kern submitted the best offer for the firm through his luxury holding, both in economic and employment terms, Italian Minister of Enterprise and Made in Italy Adolfo Urso announced at the La Perla roundtable held at Palazzo Piacentini.
Peter Kern, former CEO of US travel tech firm Expedia will be the new owner of troubled Italian luxury lingerie label La Perla. Kern submitted the best offer, both in economic and employment terms, Italian Minister of Enterprise and Made in Italy Adolfo Urso announced recently. Kern committed to investing around $34.31 million by 2027, avoiding redundancies and reviving production, he said.
Kern committed to investing around €30 million (~$34.31 million) by 2027, avoiding redundancies and reviving production at the brand's factory in Bologna, the minister said.
Kern already owns Brunello di Montalcino vineyards in Tuscany.
La Perla began operations in 1954 as a corset company in Bologna, and later expanded into lingerie, swimwear and nightwear. It was run by the family of its founder, Ada Masotti, until 2008 when it was sold to San Francisco-based buyout firm JH Partners, which already held a controlling stake.
The company continued to struggle after it was snapped up by German entrepreneur Lars Windhorst in 2018 at another judicial auction.
The turnaround plan presented by Kern, to be finalised over the coming weeks after talks with unions, should increase employment levels to around 250 from the 210 now, Urso said.
The Italian government will this week approve furlough schemes to offer financial cover for La Perla's idled workers until the transaction is completed, the minister added.
Fibre2Fashion News Desk (DS)
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Time of India
33 minutes ago
- Time of India
Sukhbir Badal dares Bhagwant Mann to prove foreign funding in Bikram Singh Majithia-linked company
Chandigarh: Shiromani Akali Dal (SAD) president Sukhbir Singh Badal on Friday challenged chief minister Bhagwant Mann to prove that Saraya Industries Limite, in which his party colleague Bikram Singh Majithia holds an 11% inherited stake, received even a single rupee in foreign funding since 2007. He dismissed allegations made in the disproportionate assets case against Majithia as baseless and politically motivated. Addressing a press conference, Sukhbir said, "The only foreign funding received by Saraya Industries was in March 2006—one year before SAD formed govt in the state—when it received Rs 35 crore from United States-based Clearwater Corporation in exchange for 25% shares in the company. Majithia entered politics only in 2007. " He asserted that Clearwater Corporation, which had offices in several countries, invested Rs 50,000 crore globally. "All money invested by this company through the NBFC in Saraya Industries was done after due clearance from the Reserve Bank of India (RBI) and approval of the Foreign Investment Promotion Board (FIPB)." Sukhbir made it clear that all transactions of Saraya Industries were scrutinised and accepted by the income-tax department. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Преносим лазерен заваръчен пистолет, 50% отстъпка днес HL Купете сега Undo "This clearly proves that claims of an investment of Rs 540 crore into Saraya Industries through foreign funding are absurd and malicious and being done with the sole purpose of defaming Majithia," he said. He added Saraya Industries was a private limited company deemed to be a public limited company and was a different entity from Majithia, and could not be solely associated with the latter. "Majithia has no control over the company's day-to-day functioning," Sukhbir said. Sukhbir reiterated that Mann pressured DGP Gaurav Yadav to register a case against Majithia because the latter was constantly exposing him and his corrupt and immoral cabinet colleagues. "The CM rang up the DGP on June 24 night and threatened to remove him in case he did not register a case against Majithia by the morning. Consequently, DGP wrote to the vigilance bureau to register a case against the Akali leader at 10.40 pm the same night. Then, a disproportionate assets case was registered against Mr Majithia at 4.40am on June 25," Sukhbir said. Terming the entire case as illegal and wilful fabrication, Badal said, "We will go to the people and expose the AAP govt." "The truth is the AAP govt failed to find any drugs in the NDPS case and has now failed to find any illegal assets in the Disproportionate Assets case," Badal added. MSID:: 121993707 413 |
Time of India
2 hours ago
- Time of India
Showroom owners duped of Rs48L in bid to by scrap copper
Pune: An automobile showroom owner (30) from Satara Road filed a complaint with the Parvati police, stating that online fraudsters duped him of Rs 47.72 lakh between April and May by promising to sell him scrap copper. The victim is a resident of Satara Road. He stated that his partner wanted to buy large quantities of scrap copper. He conducted an online search for companies selling scrapped copper. An officer of the Parvati police said, "The complainant and his partner stumbled upon a link to a South Africa-based company. They contacted the company via email and put forth their requirement for the scrapped copper." You Can Also Check: Pune AQI | Weather in Pune | Bank Holidays in Pune | Public Holidays in Pune "The company officials responded to the mail, claiming that the company could fulfil the requirement," police said. According to the police, the company demanded a 30% advance amount from the victim. The company stated that the remaining 70% would be taken post-delivery. "The complainant and his partner liked the idea and decided to go ahead with the deal," police said. "The victims took the banking details of the company and transferred 30% amount—Rs 47.72 lakh—as an advance payment," police said. "After the payment, the material did not reach Pune or Mumbai. The suspects kept promising the delivery. The complainant and his partner then decided to investigate the company's background. They visited several business sites in South Africa and realised that no such company existed. They realised it was a fake company," police said.
Economic Times
2 hours ago
- Economic Times
Jeff Bezos wedding with Lauren Sanchez in Venice: 'No Space for Bezos' protests force Amazon founder to change celebrity party venue
Venice has hosted scores of other VIP weddings, including that of actor George Clooney and human rights lawyer Amal Alamuddin in 2014. Demonstrators hold smoke flares while standing by a banner that reads 'No space for Bezos' as they take part in a protest against Amazon founder Jeff Bezos in Venice. (Reuters photo) Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads FAQs Tired of too many ads? Remove Ads Mass tourism, impossibly high rents, worker exploitation, inequality and elitism: Venice, Italy's protests in recent days against Jeff Bezos and Lauren Sanchez's high-profile wedding have highlighted growing global grievances. "No Space for Bezos" banners draped over the iconic Rialto Bridge and a huge canvas laid out on St Mark's Square urging the tech billionaire to pay more taxes have been seen all over the world. Concerns of greater disruptions forced Bezos and his bride to move their final and biggest celebrity party from the central district to a more isolated venue in the eastern part of the lagoon city, as per a report."The idea that the city should be seen as a set, a stage, or an amusement park has been highlighted like never before by Bezos' wedding," Tommaso Cacciari, a frontman for the No Space for Bezos movement, told the final protest on Saturday, around 1,000 residents and activists rallied in front of Venice's train station under a scorching sun, before marching roughly 1.5 kilometres (0.93 miles) to the Rialto carried banners including one proclaiming 'Kisses yes, Bezos no', playing on Venice's reputation as the city of love, and another one saying 'No space for Bezos' with a rocket, in a reference to his Blue Origin space technology businesses and politicians, however, welcomed the event, hailing its major boost for the local economy. Luca Zaia, the regional governor of Veneto around Venice, said the city should be proud of hosting the and Sanchez have given 1 million euros each to three Venetian institutions: CORILA, an academic consortium that studies the lagoon, UNESCO's local office, and Venice International University. Protesters have called Bezos a 'hypocrite' for donating 3 million euros ($3.5 million) to Venice while flooding its fragile ecosystem with high-polluting private jets and Italy, the e-commerce giant has faced criticism and strikes from trade unions over labour practices, and scrutiny over tax compliance. Reuters reported in February that Italian prosecutors were investigating alleged tax evasion worth 1.2 is rapidly depopulating, largely because of the cost of living crisis. Its historic city centre now has fewer than 50,000 residents, compared to more than 100,000 some 50 years city has hosted scores of other VIP weddings, including that of actor George Clooney and human rights lawyer Amal Alamuddin in 2014.A1. Amazon founder is Jeff Bezos.A2. Venice is rapidly depopulating, largely because of the cost of living crisis. Its historic city centre now has fewer than 50,000 residents, compared to more than 100,000 some 50 years ago.
