Debt forces Italy's Burani Group to close

One of Italy's most prominent fashion groups, Mariella Burani, is undergoing liquidation, following the bankruptcy of Burani Designer Holding, its parent company. The group is expected to shut down operations after a long and unsuccessful struggle to restructure an overall debt of €600 million. The Mariella Burani Fashion Group owns brands such as Coccinelle, Mandarina Duck and Rene Lezard.

The company, which was founded in the 1960s, further oversees production and distribution for labels including Giambattista Valli, La Perla and Vivienne Westwood, but it is not yet clear how the liquidation will affect these brands. A shareholders' meeting to appoint liquidators is scheduled for March 29. The number of job losses, according to Italian unions, could be as high as 2,200.