Latest news with #PeterKern
Fibre2Fashion
5 hours ago
- Business
- Fibre2Fashion
US billionaire Peter Kern acquires Italian lingerie label La Perla
Peter Kern, former chief executive of US travel technology company Expedia will be the new owner of troubled Italian luxury lingerie label La Perla, the Italian government announced recently. Kern submitted the best offer for the firm through his luxury holding, both in economic and employment terms, Italian Minister of Enterprise and Made in Italy Adolfo Urso announced at the La Perla roundtable held at Palazzo Piacentini. Peter Kern, former CEO of US travel tech firm Expedia will be the new owner of troubled Italian luxury lingerie label La Perla. Kern submitted the best offer, both in economic and employment terms, Italian Minister of Enterprise and Made in Italy Adolfo Urso announced recently. Kern committed to investing around $34.31 million by 2027, avoiding redundancies and reviving production, he said. Kern committed to investing around €30 million (~$34.31 million) by 2027, avoiding redundancies and reviving production at the brand's factory in Bologna, the minister said. Kern already owns Brunello di Montalcino vineyards in Tuscany. La Perla began operations in 1954 as a corset company in Bologna, and later expanded into lingerie, swimwear and nightwear. It was run by the family of its founder, Ada Masotti, until 2008 when it was sold to San Francisco-based buyout firm JH Partners, which already held a controlling stake. The company continued to struggle after it was snapped up by German entrepreneur Lars Windhorst in 2018 at another judicial auction. The turnaround plan presented by Kern, to be finalised over the coming weeks after talks with unions, should increase employment levels to around 250 from the 210 now, Urso said. The Italian government will this week approve furlough schemes to offer financial cover for La Perla's idled workers until the transaction is completed, the minister added. Fibre2Fashion News Desk (DS)
Business of Fashion
2 days ago
- Business
- Business of Fashion
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 Learn more: 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.
Bloomberg
2 days ago
- Business
- Bloomberg
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.
Reuters
2 days ago
- Business
- Reuters
Former Expedia CEO Peter Kern to buy Italian lingerie company La Perla
ROME, June 10 (Reuters) - Peter Kern, the former chief executive of U.S. travel technology company Expedia, will buy troubled Italian luxury lingerie company La Perla, Italy's industry minister said on Tuesday. Kern, through his luxury holding LLC, has submitted the best offer for the firm, Industry Minister Adolfo Urso said at a meeting with trade unions and the future new ownership. Kern has committed to invest around 30 million euros ($34.31 million) by 2027 and to relaunch La Perla's production site in the northern city of Bologna, Urso said in a statement. The industrial plan presented by Kern provides for the maintenance of employment levels - around 210 people - and about forty new hires, the minister said. ($1 = 0.8745 euros)
Yahoo
2 days ago
- Business
- Yahoo
Former Expedia CEO Peter Kern to buy Italian lingerie company La Perla
ROME (Reuters) -Peter Kern, the former chief executive of U.S. travel technology company Expedia, will buy troubled Italian luxury lingerie company La Perla, Italy's industry minister said on Tuesday. Kern, through his luxury holding LLC, has submitted the best offer for the firm, Industry Minister Adolfo Urso said at a meeting with trade unions and the future new ownership. Kern has committed to invest around 30 million euros ($34.31 million) by 2027 and to relaunch La Perla's production site in the northern city of Bologna, Urso said in a statement. The industrial plan presented by Kern provides for the maintenance of employment levels - around 210 people - and about forty new hires, the minister said. ($1 = 0.8745 euros) Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
