Kingsbridge in talks over IT Holding investment

It is understood that private equity house Kingsbridge, a unit of Austrian investment company Hardt, has been approached by fashion business IT Holding regarding a potential EUR100m investment.

IT Holding, which distributes products for designers Cavalli and Versace and also owns the Gianfranco Ferre brand, is believed to be filing for administration after its attempt to find a financial partner proved unsuccessful.

The company reported a nine-month net loss of EUR10.1m, against a profit of EUR6.6m a year earlier, and expects an 8% drop in 2008 sales. Like other luxury goods companies, the company has felt the impact the financial crisis has had on retail consumption. The company's shares at the Milan Stock Exchange have indefinitely suspended.

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