A leading distributor of clothes and accessories made by Italy’s high-flying fashion designers filed for bankruptcy protection on Monday in a sign of how the global financial crisis is beginning to seriously bite at the luxury goods industry.
IT Holding, which distributes products for brands such as Versace and Cavalli and owns the Gianfranco Ferre label, said it had put Ittierre SpA, its main operating subsidiary, into administration after it ran out of money and was unable to finance its licensing operations.
The company’s board said it would meet again “soon” to examine its options. Shares of IT Holding were suspended on the Milan stock exchange. It had net revenues of €636m in 2007, the most recent year for which figures are available.
