Latest news with #LaPerla
Fashion United
13-06-2025
- Business
- Fashion United
La Perla facing the abyss: Insight into the lingerie brand's takeover and ongoing administration
La Perla, the iconic Italian luxury lingerie brand, was facing a critical period. Years of economic difficulties had undermined its foundations and although a recent business move offered a potential turning point, recovery was not guaranteed. In summary US businessman Peter Kern acquired La Perla's key assets, including its production plant in Bologna, with an investment of 30 million euros until 2027. Kern's acquisition sought to reactivate production in Bologna, protect jobs and expand into priority markets such as China and the United Arab Emirates. La Perla's Spanish subsidiaries are in administration with debts of 51 million euros, reflecting the collapse of its British parent company. On June 10, 2025, US businessman Peter Kern, known for his role as chief executive officer of Expedia and his involvement in the Italian wine sector, acquired the brand's key assets, including its production plant in Bologna. This transaction was announced by the Italian Minister of Industry, Adolfo Urso, who stressed that Kern's offer, which competed with other interested parties such as Oniverse (formerly Calzedonia), was "the most favourable for relaunching the historic luxury lingerie firm". According to Reuters, Kern committed to investing approximately 30 million euros until 2027, with the aim of maintaining 210 existing jobs and creating around 40 new jobs. However, despite this boost, the accumulated financial difficulties have continued to affect La Perla in other markets, especially in Spain. Ongoing administration process The company's Spanish subsidiaries, La Perla Fashion España and La Perla Store España, were declared to be in administration by the Mercantile Court Number 10 of Barcelona, accumulating debts totalling 51 million euros. This situation was directly related to the collapse of its British parent company, La Perla Global Management, which filed for administration the previous year. Today, La Perla's footprint in Spain is barely traceable. The firm maintains only two points of sale — a boutique on Paseo de Gràcia in Barcelona and a space in El Corte Inglés de Castellana, in Madrid — in addition to the 42 points of sale in the rest of the world. A map that is far from the one drawn in its prime, at which time it operated up to 10 stores spread across the country. Anatomy of a downfall Founded in 1956 by Ada Masotti, La Perla was for decades synonymous with Italian refinement. However, the firm had experienced a prolonged decline in recent years, accentuated by successive changes of ownership. The most recent, under the management of Tennor Holding — the investment vehicle of German businessman Lars Windhorst — aggravated the crisis due to the lack of funding, paralysing much of the business globally. The consequences were particularly serious for operations in the UK, Italy and Spain. La Perla's complex business structure — which included entities such as La Perla Global Management UK, owner of the brand, and La Perla Fashion Holding, based in the Netherlands — began to crumble as the crisis progressed. At the end of 2023, the British subsidiary went into liquidation and, at the same time, the Bologna plant was placed under judicial intervention in Italy under the extraordinary administration regime. Kern takes over The arrival of Peter Kern represented a kind of respite from a possible final dissolution. Through his private investment firm, he acquired the Bologna production plant and the rights to the brand for around 25 million euros, also committing to an investment of 30 million until 2027 to reactivate industrial activity and preserve jobs. The plan envisaged restoring production in Bologna, protecting more than 200 jobs and analysing the possible integration of other international subsidiaries under a new structure. Markets such as China and the United Arab Emirates were identified as priorities for this stage, but there was still no confirmation on the inclusion of Spain in this strategy. This article was translated to English using an AI tool. FashionUnited uses AI language tools to speed up translating (news) articles and proofread the translations to improve the end result. This saves our human journalists time they can spend doing research and writing original articles. Articles translated with the help of AI are checked and edited by a human desk editor prior to going online. If you have questions or comments about this process email us at info@
Fibre2Fashion
12-06-2025
- Business
- Fibre2Fashion
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)
Fashion Network
10-06-2025
- Business
- Fashion Network
La Perla acquired by US billionaire Peter Kern
The new owner of Italian luxury lingerie label La Perla is US billionaire Peter Kern, the former vice-president and CEO of Expedia. The news was reported by Italian daily Il Messaggero, citing sources from Italy's Ministry of Business and Made-in-Italy (MIMIT). The news has been confirmed by other sources close to the matter. Kern lives in Italy with his wife Kirsten, and is nicknamed 'Mr Brunello di Montalcino' for his investments in the wine industry. He has acquired the rights to La Perla's brand name and the label's Bologna production site. The former was the property of UK-based company La Perla Global Management UK, which is being wound up by the court in Italy and went into administration in Britain, while the factory was owned by Bologna-based company La Perla Manufacturing, also in administration. MIMIT Minister Adolfo Urso will give the unions details of the operation, which will save 210 jobs, while a turnaround plan involving 40 new hires has been drawn up. According to Il Messaggero, it was Kirsten who encouraged her husband to buy La Perla. Kern is said to have paid approximately €25 million for the production site, the minimum price having been set at €22 million. A local accountancy firm, Studio Trombone, is advising Kern, and is drawing up a plan to relaunch La Perla, tapping its Bologna factory's lingerie expertise. Il Messaggero has reported that, although some competitors submitted higher bids for La Perla, Kern prevailed because he pledged that manufacturing and product development will remain in Bologna. Kern will assume the role of president of La Perla, while Paolo Vannucchi will be back at the helm as CEO. A few years ago, he had led the label during the final months of Silvio Scaglia's ownership, and the transition to subsequent owner Lars Windhorst.
Business of Fashion
10-06-2025
- Business
- Business of Fashion
Former Expedia CEO Buys Troubled Luxury Lingerie Brand La Perla
Former Expedia chief executive officer Peter Kern is set to rescue Italian luxury lingerie brand La Perla, capping a years-long saga for the troubled brand. The move by Kern, using the vehicle Luxury Holding LLC, will give 'perspective and future' to a 'global icon of Italian fashion,' Italy's Enterprise minister Adolfo Urso said in a statement Tuesday. The rescue package includes an agreement to keep all 210 employees, hire 40 more and inject €30 million ($34 million) into reviving the brand by 2027, the ministry said. Kern paid €25 million for La Perla, Italian newspaper Messaggero reported earlier. La Perla has been embroiled in legal disputes after the UK's tax authority requested a winding up petition over an unpaid tax bill. The upmarket brand used to be owned by German financier Lars Windhorst through his investment vehicle Tennor Holding BV. Kern's offer for La Perla wasn't the highest in the sale auction, which included rival Italian bidder Calzedonia, but it won the Ministry's approval on the back of guarantees to keep production as well as product development in Bologna, Il Messaggero said. La Perla has a global retail network but manufactures most of its high-end products in Italy. It sells bras that can cost more than €300, as well as other items including nightwear, pyjamas and knickers, according to its website. By Alberto Brambilla Learn more: Italy Court Seeks to Stop Sale of La Perla Lingerie Brand in UK An Italian court is seeking to halt the sale of luxury lingerie firm La Perla after a UK judge ordered the liquidation of the holding company to recoup unpaid tax debts.
Fashion Network
10-06-2025
- Business
- Fashion Network
La Perla acquired by US billionaire Peter Kern
The new owner of Italian luxury lingerie label La Perla is US billionaire Peter Kern, the former vice-president and CEO of Expedia. The news was reported by Italian daily Il Messaggero, citing sources from Italy's Ministry of Business and Made-in-Italy (MIMIT). The news has been confirmed by other sources close to the matter. Kern lives in Italy with his wife Kirsten, and is nicknamed 'Mr Brunello di Montalcino' for his investments in the wine industry. He has acquired the rights to La Perla's brand name and the label's Bologna production site. The former was the property of UK-based company La Perla Global Management UK, which is being wound up by the court in Italy and went into administration in Britain, while the factory was owned by Bologna-based company La Perla Manufacturing, also in administration. MIMIT Minister Adolfo Urso will give the unions details of the operation, which will save 210 jobs, while a turnaround plan involving 40 new hires has been drawn up. According to Il Messaggero, it was Kirsten who encouraged her husband to buy La Perla. Kern is said to have paid approximately €25 million for the production site, the minimum price having been set at €22 million. A local accountancy firm, Studio Trombone, is advising Kern, and is drawing up a plan to relaunch La Perla, tapping its Bologna factory's lingerie expertise. Il Messaggero has reported that, although some competitors submitted higher bids for La Perla, Kern prevailed because he pledged that manufacturing and product development will remain in Bologna. Kern will assume the role of president of La Perla, while Paolo Vannucchi will be back at the helm as CEO. A few years ago, he had led the label during the final months of Silvio Scaglia's ownership, and the transition to subsequent owner Lars Windhorst.
