US billionaire Peter Kern acquires Italian lingerie label La Perla

Kern submitted the best offer for the firm through his luxury holding, both in economic and employment terms, Italian Minister of Enterprise and Made in Italy Adolfo Urso announced at the La Perla roundtable held at Palazzo Piacentini.

Peter Kern, former CEO of US travel tech firm Expedia will be the new owner of troubled Italian luxury lingerie label La Perla.
Kern submitted the best offer, both in economic and employment terms, Italian Minister of Enterprise and Made in Italy Adolfo Urso announced recently.
Kern committed to investing around $34.31 million by 2027, avoiding redundancies and reviving production, he said.

Kern committed to investing around €30 million (~$34.31 million) by 2027, avoiding redundancies and reviving production at the brand’s factory in Bologna, the minister said.

Kern already owns Brunello di Montalcino vineyards in Tuscany.

La Perla began operations in 1954 as a corset company in Bologna, and later expanded into lingerie, swimwear and nightwear. It was run by the family of its founder, Ada Masotti, until 2008 when it was sold to San Francisco-based buyout firm JH Partners, which already held a controlling stake.

The company continued to struggle after it was snapped up by German entrepreneur Lars Windhorst in 2018 at another judicial auction.

The turnaround plan presented by Kern, to be finalised over the coming weeks after talks with unions, should increase employment levels to around 250 from the 210 now, Urso said.

The Italian government will this week approve furlough schemes to offer financial cover for La Perla’s idled workers until the transaction is completed, the minister added.

Fibre2Fashion News Desk (DS)