Italian denim brand Gas Jeans has been saved from bankruptcy by Milano 1984 SpA, led by CEO Andrea Citterio. The parent company of Gas Jeans, Grotto SpA, has been acquired by Milano 1984, a holding company owned by Citterio and Fortunato Bordin. The court in Vicenza confirmed the acquisition on May 6, ensuring that Gas Jeans and its subsidiaries, as well as its 140 employees, are now under the ownership of Milano 1984. The acquisition offer valued Grotto at €17.5 million, which includes its subsidiaries Esagon, Laurentes, and Gas Realience.

Andrea Citterio expressed his satisfaction with the court’s decision, stating that it allows them to breathe new life into an iconic brand known for its high-quality Italian denim. He sees this as an opportunity to contribute to the economic sustainability of the region where Gas Jeans is located. Citterio plans to revitalize and reposition the brand by making significant changes to its business model. Drawing from the company’s expertise, he aims to expand its presence in the global market. To accomplish this, Citterio and Fortunato Bordin, alongside their son Andrew, have carefully selected a team of experienced executives. Their main objective is to rejuvenate Gas Jeans, focusing particularly on the North American market.

Gas Jeans was founded in 1984 by Claudio Grotto and experienced remarkable international success, establishing a strong presence in Europe, America, and Asia. However, recent years have seen a decline in the brand’s momentum. Under the leadership of Christiano Eberle in 2019, the company generated a revenue of €55 million. The acquisition by Milano 1984 presents Gas Jeans with an opportunity to turn its fortunes around and regain its prominence in the denim industry.

Links:
1. Gas Jeans Official Website
2. Forbes – Gas Jeans Acquisition News