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FINANCIAL NEWS
Paris group’s Ferre offer gains approval
14 Feb 2011
(MENAFN) IT Holding said that approvals have been gained for the sale of the company’s subsidiary, Gianfranco Ferre fashion group, to the Dubai-based Paris Group, reported Gulf News.
IT Holding had previously went into bankruptcy protection in 2009, after the death of founder Gianfranco Ferre in 2007.
The bankrupt holding company said that the deal still needs approval of the Economic Development Ministry and unions.
The Paris Group is aiming to pay down debts and open 50 Ferre stores worldwide as it invests USD33.8 million. It also decided to increase its initial offer and keep a higher number of jobs.
More News
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BBK awards over BD 1 Million to 273 winners in the February Al Hayrat Grand Prizes draw
01 Mar 2026
BBK activates partial remote working system for its workforce to ensure employee and customer safety and service continuity
24 Feb 2026
BBK discloses its financial results for the year ended 31st December 2025
05 Feb 2026
BBK announces December Al Hayrat Grand Prize winners and another wave of Grand prizes for February
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