85 418
Fashion Jobs
LEE
PT Keyholder
Permanent · GRAPEVINE
KOHLS
Full-Time Loss Prevention Supervisor
Permanent · WALPOLE
KOHLS
Full-Time Loss Prevention Supervisor
Permanent · HOUSTON
KOHLS
Full-Time Loss Prevention Supervisor
Permanent · MONONA
KOHLS
Full-Time Loss Prevention Supervisor
Permanent · MORTON
KOHLS
Associate HR Business Partner
Permanent · MENOMONEE FALLS
KOHLS
Full-Time Loss Prevention Supervisor
Permanent · LAKELAND
KOHLS
Full-Time Loss Prevention Supervisor
Permanent · PEARLAND
KOHLS
Full-Time Loss Prevention Service Specialist*
Permanent · NORRIDGE
KOHLS
Full-Time Loss Prevention Supervisor
Permanent · EDWARDSVILLE
KOHLS
Full-Time Loss Prevention Supervisor
Permanent · GURNEE
KOHLS
Full-Time Loss Prevention Supervisor
Permanent · ORANGE CITY
KOHLS
Full-Time Loss Prevention Supervisor
Permanent · MOBILE
NAVY EXCHANGE
Supply Chain Systems Tech
Permanent · VIRGINIA BEACH
NAVY EXCHANGE
(Norfolk Navy Gateway Inns And Suites) Guest Service Representative i
Permanent · WILLIAMSBURG
NAVY EXCHANGE
Guest Service Representative II
Permanent · GULFPORT
NAVY EXCHANGE
Guest Service Representative II (Part-Time)
Permanent · PENSACOLA
NAVY EXCHANGE
Guest Service Representative II (Full-Time)
Permanent · PENSACOLA
NEIMAN MARCUS
Senior Manager, Fulfillment Operations
Permanent · PITTSTON
NEIMAN MARCUS
Loss Prevention Investigator- Charlotte
Permanent · CHARLOTTE
LULULEMON
Visual Merchandising Specialist | Toledo Local
Permanent · TOLEDO
LULULEMON
Community Specialist | Martha's Vineyard
Permanent · EDGARTOWN
By
Reuters
Published
Apr 10, 2017
Reading time
2 minutes
Download
Download the article
Print
Text size

Italy's Stefanel reportedly set to be relaunched and sold in next five years

By
Reuters
Published
Apr 10, 2017


Two private equity funds that have agreed to take over loss-making Italian clothing company Stefanel plan to relaunch the brand and sell it within five years, a source at one of the funds said.


Stefanel



Stefanel reached an agreement at the end of March to sell a 75 percent stake to Oxy Capital and Attestor Capital and immediately received 10 million euros ($10.6 mln) in emergency funding from them to avoid bankruptcy.

The new owners seek to reposition the Italian group, aiming at women between the ages of 35 and 50 rather than younger customers, in a segment of the market just above Benetton and Zara, the source at Oxy Capital, who did not wish to be identified, said.

"One of Stefanel's problems was raising its target too much, pushing towards luxury, without doing the same thing on the quality offered, and thus losing customers," the source said.

Oxy and Attestor also aim to cut the number of Stefanel stores and sell more through third-party outlets such as department stores.

The fashion group accumulated over 170 million euros in losses over the past decade as it faced fierce competition from high-street brands like H&M and Zara.

Oxy and Attestor expect to complete the purchase by the summer, after receiving the green light from Italy's market watchdog and a Treviso-based court that handled the bankruptcy case, the source said.

They will appoint a new CEO in the next three to six months but have decided against delisting Stefanel as that was considered too costly.

Stefanel is set to receive another 15 million euros in new funds from creditor banks and from Oxy Capital and Attestor Capital. Giuseppe Stefanel, former owner and chairman, might contribute between 1.25 million and 2.5 million euros of that but it has not yet been decided, the source said.

Stefanel's new business model could entail shifting production from China to Italy, Turkey and Romania, the source said. ($1 = 0.9433 euros)

© Thomson Reuters 2024 All rights reserved.