Latest news with #Illimity
Fashion Network
21 hours ago
- Business
- Fashion Network
Italian fashion supplier Altofare enters talks with creditors as sector slows
Banks are scaling back their exposure to Altofare Group as the luxury supply chain player faces mounting financial pressure amid a broader slowdown in the high-end fashion market. The Italian firm has entered talks with creditors in response to tightening conditions. Investment firms Illimity SGR SpA and DeA Capital SpA have emerged as key players in the reshuffling. Illimity has already acquired a portion of Altofare's €145 million ($171 million) loan package, while DeA Capital is reportedly negotiating a larger stake, according to sources close to the matter. Some banks are exiting entirely, while others are holding their positions. Both Illimity and DeA Capital declined to comment, and Altofare did not respond to a request for comment. Owned by private equity firm White Bridge Investments, Altofare oversees a network of Italian manufacturers serving the luxury fashion industry. The group includes companies specializing in buttons, metal finishes, resins, and jewelry components—among them Lampa Srl, known for its shoe accessories and hardware. The luxury sector has faced mounting challenges in recent quarters. According to the latest Bain & Co. report, global personal luxury goods sales are expected to contract by 2% to 5% this year, following a flat performance in 2024. Altofare's debt was issued via Lampa and is due to mature between 2028 and 2029. However, the company must make semi-annual amortization payments, as outlined in its most recent annual report. Earlier this year, Bloomberg reported that Altofare had entered discussions with creditors to restructure its obligations. The company joins a growing list of luxury suppliers navigating financial strain. Other players in the sector, including MinervaHub SpA, are also in talks with creditors to revise their debt terms—highlighting ongoing pressure across the luxury manufacturing chain.
Fashion Network
a day ago
- Business
- Fashion Network
Italian fashion supplier Altofare enters talks with creditors as sector slows
Banks are scaling back their exposure to Altofare Group as the luxury supply chain player faces mounting financial pressure amid a broader slowdown in the high-end fashion market. The Italian firm has entered talks with creditors in response to tightening conditions. Investment firms Illimity SGR SpA and DeA Capital SpA have emerged as key players in the reshuffling. Illimity has already acquired a portion of Altofare's €145 million ($171 million) loan package, while DeA Capital is reportedly negotiating a larger stake, according to sources close to the matter. Some banks are exiting entirely, while others are holding their positions. Both Illimity and DeA Capital declined to comment, and Altofare did not respond to a request for comment. Owned by private equity firm White Bridge Investments, Altofare oversees a network of Italian manufacturers serving the luxury fashion industry. The group includes companies specializing in buttons, metal finishes, resins, and jewelry components—among them Lampa Srl, known for its shoe accessories and hardware. The luxury sector has faced mounting challenges in recent quarters. According to the latest Bain & Co. report, global personal luxury goods sales are expected to contract by 2% to 5% this year, following a flat performance in 2024. Altofare's debt was issued via Lampa and is due to mature between 2028 and 2029. However, the company must make semi-annual amortization payments, as outlined in its most recent annual report. Earlier this year, Bloomberg reported that Altofare had entered discussions with creditors to restructure its obligations. The company joins a growing list of luxury suppliers navigating financial strain. Other players in the sector, including MinervaHub SpA, are also in talks with creditors to revise their debt terms—highlighting ongoing pressure across the luxury manufacturing chain.
Fashion Network
a day ago
- Business
- Fashion Network
Italian fashion supplier Altofare enters talks with creditors as sector slows
Banks are scaling back their exposure to Altofare Group as the luxury supply chain player faces mounting financial pressure amid a broader slowdown in the high-end fashion market. The Italian firm has entered talks with creditors in response to tightening conditions. Investment firms Illimity SGR SpA and DeA Capital SpA have emerged as key players in the reshuffling. Illimity has already acquired a portion of Altofare's €145 million ($171 million) loan package, while DeA Capital is reportedly negotiating a larger stake, according to sources close to the matter. Some banks are exiting entirely, while others are holding their positions. Both Illimity and DeA Capital declined to comment, and Altofare did not respond to a request for comment. Owned by private equity firm White Bridge Investments, Altofare oversees a network of Italian manufacturers serving the luxury fashion industry. The group includes companies specializing in buttons, metal finishes, resins, and jewelry components—among them Lampa Srl, known for its shoe accessories and hardware. The luxury sector has faced mounting challenges in recent quarters. According to the latest Bain & Co. report, global personal luxury goods sales are expected to contract by 2% to 5% this year, following a flat performance in 2024. Altofare's debt was issued via Lampa and is due to mature between 2028 and 2029. However, the company must make semi-annual amortization payments, as outlined in its most recent annual report. Earlier this year, Bloomberg reported that Altofare had entered discussions with creditors to restructure its obligations. The company joins a growing list of luxury suppliers navigating financial strain. Other players in the sector, including MinervaHub SpA, are also in talks with creditors to revise their debt terms—highlighting ongoing pressure across the luxury manufacturing chain.
