Just Cavalli renews IT Holding licence
MILAN, April 6 (Reuters) - Italian fashion designer Roberto Cavalli has agreed to renew a licence for IT Holding (ITH.MI) to make and distribute clothes for his Just Cavalli brand, IT Holding said on Monday 6 April.
Just Cavalli Spring 2009
The licence, held by IT Holding's Ittierre unit and originally due to expire in 2010, has been signed for a five-year period up to the end of the 2014-2015 autumn-winter collection, the company said in a statement.
The agreement will be submitted for approval to the relevant authorities.
Earlier on Monday, a source close to the matter said the agreement was subject to approval by the Ministry of Economic Development and the court of Isernia in southern Italy. The court is responsible for the jurisdiction where the cash-strapped IT Holding is based.
Both IT Holding, which owns designer brand Gianfranco Ferre, and Ittierre are under special administration.
Ittierre is in such financial trouble that it forced Cavalli to cancel his Just Cavalli catwalk show during Milan's fashion week in February.
Just Cavalli is a younger, more informal line for which British model Kate Moss has modelled.
Ittierre also has licences for VJC Versace, Galliano and C'N'C Costume National fashion lines.
IT Holding, which also owns the Malo brands, is looking for a way out of special administration and is expected to consider refocusing on production licences through Ittierre.
Last week another IT Holding unit, IT Holding Finance SA, the issuer of a senior bond due in 2012, went into special administration. (Reporting by Stephen Jewkes and Cristina Carlevaro; editing by John Wallace)