BREAKING NEWS

BREAKING NEWS

QuattroR seen closing deal for fashion house Trussardi next week - sources

QuattroR seen closing deal for fashion house Trussardi next week - sources
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Grigory Dukor(Reuters)
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MILAN (Reuters) - Investment fund QuattroR is expected to finalise next week a deal to buy between 70 and 80 percent of fashion house Trussardi, three sources close to the matter said on Friday.

The group, which began life as a leather glove manufacturer, is owned by the Trussardi family through its Finos holding.

The company reported a loss of 30.6 million euros (£26.8 million) in 2017 after heavy writedowns. Revenues fell 8.6 percent to 24.2 million euros.

In December sources had told Reuters a series of banks, including UniCredit, Intesa Sanpaolo and Banca Monte dei Paschi di Siena, signed a funding agreement with the group worth 51.5 million euros.

Barring last-minute hurdles in negotiations with the lenders, a final agreement is expected mid-week, the sources said.

Trussardi and QuattroR, which is partly owned by Italy's state lender Cassa Depositi e Prestiti, declined to comment.

(Reporting by Maria Pia Quaglia, Luca Trogni and Stephen Jewkes; writing by Francesca Landini, editing by Louise Heavens)

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