An Italian court has taken steps to halt the sale of renowned luxury lingerie brand, La Perla, in the UK. This decision comes as a direct response to a UK judge’s order for the liquidation of the brand’s holding company, La Perla Global Management Ltd., in order to recover unpaid tax debts. The Bologna court has ruled for the seizure of all assets belonging to the London-based unit, including the highly valuable La Perla brand. Throughout this process, local unions have been actively involved and have requested for the company to be placed under amministrazione straordinaria, a form of insolvency overseen by the Italian government that allows businesses to continue their operations.

Currently, La Perla is under the ownership of German financier Lars Windhorst, who controls it through his investment vehicle, Tennor Holding BV. Windhorst has recently faced controversy due to the loss of billions of euros in his investment fund H2O AM LLP, with concerns primarily tied to holdings of thinly-traded debt issued by companies associated with Tennor. In addition, Windhorst has been embroiled in various other legal disputes.

While La Perla boasts a global retail network, the majority of its high-end products are manufactured in Italy. The unions involved in the case have demanded the seizure of assets after the UK liquidator showed interest in selling the La Perla brand to maximize returns for creditors. La Perla is renowned for its opulent selection of luxury lingerie items such as bras, nightwear, pyjamas, and knickers, with some pieces commanding prices well above £300.

The court’s decision regarding the sale of La Perla in the UK holds significant implications for the brand and its future operations. The outcome of the scheduled hearing on Friday will provide further clarity on the potential resolution of this case. For now, the dispute between the Italian court, UK judge, and the brand’s creditors remains unresolved.

Useful links:
Bloomberg: Italy Seeks to Halt Sale of La Perla After UK Liquidation
Financial Times: La Perla faces new blows as crisis-hit owner faces liquidation