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.

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