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
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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.
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