ITALY - Kingsbridge approached by fashion holding

IT Holding, which distributes products for designers Cavalli and Versace and also owns the Gianfranco Ferre brand, is thought to be filing for extraordinary administration after failing to find adequate funding.

The company reported a nine-month net loss of EUR 10.1m, against a profit of EUR 6.6m a year earlier, and expects an 8% drop in 2008 sales. It has been seeking a partner for months and like other luxury goods companies has felt the impact of the financial crisis on high-end retail consumption.

Milan's bourse suspended the shares indefinitely.

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