Boglioli up for sale as relaunch plan fails
The ambitious relaunch plan initiated in 2013 by Boglioli's new owner, the Italian investment fund Wise, has failed to deliver. Three years on, the Italian textile company founded by the Boglioli tailoring family, which also diversified into women's ready-to-wear, is having to deal with a heavy financial crisis and has recently been put up for sale by Wise, owner of a 97% stake in the company.
The label set off by investing heavily, opening mono-brand stores in Milan, New York and Miami and showing for the first time in Milan last year. It soon had to backtrack however: it did not show in Milan in January, and is now burdened with debts for €15 million, its 2015 revenue having been €24 million.
On 18th January the company, based in northern Italy, has filed with the local court to make arrangements with its creditors. This protection measure is akin to receivership, and allows the company to operate while negotiating with its creditors, as it seeks to put in place a restructuring plan with the help of the Boston Consulting Group.
The relaunch plan was drawn up with Andrea Perrone, the new General Manager of Boglioli, who took over from Giovanni Mannucci last October, and it notably forecasts an operating surplus from 2017.
"There are about ten investors which are potentially interested in acquiring Boglioli. The majority of them are Italian industrial groups and international investments funds," said a spokesperson for Wise.
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