Calzedonia in exclusive talks to enter La Perla

Italian brand of luxury lingerie La Perla has announced it is in talks with Calzedonia group for a possible sale of a majority stake in its share capital. In April, La Perla began to seek investors for liquidity and ensure the future of the business. The

group that owns brands like Intimissimi and Tenziens has opened negotiations with La Perla, owned by US-based fund JH Partners since 2008 and advised to that effect by Goldman Sachs and the law firm Latham & Watkins.

JH Partners has invested in the lingerie firm nearly 50 million since 2008 until late 2012, when decided to begin the search for a strategic partner to revive the development of La Perla.

As published this week by 'Il Sole 24 Ore', after successful initial meetings, the two companies have decided to step forward and begin exclusive negotiations to define the terms and conditions of any potential purchase agreement. The negotiations would be at an advanced stage according to 'Il Corriere di Bologna'

Calzedonia to buy majority stake

Both companies have reported that they have begun to study the terms of a possible deal that would involve the purchase of a majority stake in La Perla by Calzedonia to revive sales of the luxury brand in international markets and reduce its debt, although financial details were not disclosed.

Calzedonia would therefore develop a business plan to be discussed with unions and other relevant stakeholders - who seem to be willing to positively receive any plan to ensure the future of business and jobs in Bologna -.

In previous attempts to find new shareholders, La Perla has knocked on the doors of U.S. funds Blackstone, Sun Capital and Oaktree Capital.

La Perla, which closed the year 2012 with a turnover of 107 million euro - slightly below the results of the previous year, has undergone a major restructuring that will not end until the end of 2013.