MILAN — LuisaViaRoma has filed for defense measures with a Florence Courtroom and the Italian Chamber of Commerce, paperwork reviewed by WWD revealed.
The style e-tailer has not been proof against the havoc being wrought by the present macroeconomic headwinds and after makes an attempt at streamlining enterprise operations and conducting extrajudicial negotiations with monetary collectors over the previous few months, it’s now resorting to measures to make sure enterprise continuity because it seeks to restructure its debt.
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Based on preliminary figures, the retailer logged gross sales of 310 million euros in 2024.
Monetary debt stood at 30 million euros final month, when a capital improve simply south of 20 million euros was efficiently accomplished.
As a part of the primary measure, mediated by the Chamber of Commerce and known as “Composizione Negoziata della Crisi,” a voluntary, extrajudicial negotiated restructuring course of, LuisaViaRoma has been assigned commissioner Alessandro Angelo Solidoro, who’s tasked with conducting negotiations with collectors.
The retailer has concurrently resorted to the ancillary court-mediated safety measures out there to firms present process the restructuring process.
A listening to on the Courtroom of Florence for the affirmation of the latter measures and their period has been scheduled for Aug. 27, filings revealed.
A Milan-based authorized skilled who requested anonymity defined that the extrajudicial process filed with the Chamber of Commerce — lasting for six months renewable as much as a yr — seeks to keep away from a court-mediated “composition with collectors” measure.
The ancillary safety measures can stay in impact for not than one yr, the skilled mentioned, topic to the Florence Courtroom’s approval. Whereas in place, they defend from enforcement proceedings and chapter declarations.
LuisaViaRoma’s chief govt officer Tommaso Maria Andorlini took to his LinkedIn profile to touch upon the brand new developments.
“It is a difficult second, but in addition the start line for a brand new technique. Luxurious and on-line trend are dealing with a structural disaster — and we, each retailers and types, have made errors that we should now acknowledge,” he wrote in a prolonged submit.
“Right this moment, in step with our DNA, LVR is as soon as once more inventing a brand new mannequin — one based mostly on exclusivity that isn’t outlined solely by worth — and the outdated tie to a ‘luxurious’ that’s not universally admired — however by a curated mixture of product providing and discovery. Our aim is to serve the high-end shopper who’s aware, discerning, and attentive to the origin of merchandise, their story, and their true medium- to long-term worth,” the submit learn. “Debt restructuring is the device that can enable us to shed previous constraints and return to what LVR has all the time carried out finest: being a platform for discovery, inspiration, and keenness for trend. Change is difficult, however essential.”
