Luxury Fashion Licensee Ittierre Placed in Administration

Italian luxury apparel brand owner IT Holding is seeking protective extraordinary administration for its license division Ittierre in order to restructure the business and continue trading. Licensed lines include VJC Versace, Versace Sport, Just Cavalli, C'N'C Costume National and Galliano.

"The board ascertained the absence of the conditions necessary to continue its operations in a regular course of business; in particular with regards to the availability of the necessary financial resources and the continuity of its license agreements," reports an IT statement.

IT Holding is one of the leading players in the luxury goods sector. It owns brands including Gianfranco Ferré, Malo, and Ext.