MILAN, April 10 The new top investors in Italian
clothing company Stefanel aim to relaunch the
struggling group, with fresh capital and a new positioning, and
sell it in the next five years, a source at one of the funds
that rescued the group said.
Loss-making Stefanel reached an agreement at the end of
March with private equity funds Oxy Capital and Attestor
Capital, handing them a 75 per cent majority stake in the group,
and was granted a first emergency funding of 10 million euros.
The fashion group accumulated over 170 million euros ($180
million) in losses over the last decade while attempting to
reach out to mid-range clients while surviving competition from
high-street brands like H&M and Zara.
A final closing of the deal with Oxy and Attestor, with a
green light by both Italy's market watchdog and a Treviso-based
court that handled the bankruptcy case, is expected by the
summer, the Oxy source said.
An initially envisaged market delisting will not be carried
out because considered too costly but a new chief executive will
be appointed in the next 3 to 6 months, the source said.
(Reporting by Claudia Cristoferi, writing by Giulia Segreti)