Former Expedia CEO, Peter Kern, has made a significant move by purchasing the troubled luxury lingerie brand, La Perla, for €25 million. This acquisition marks the end of a tumultuous period for the Italian brand, which had faced legal challenges and financial instability.
Kern’s purchase of La Perla through Luxury Holding LLC has been hailed as a lifeline for the iconic Italian fashion house by Italy’s Enterprise minister, Adolfo Urso. The deal includes plans to retain all 210 employees, hire an additional 40 staff members, and inject €30 million into the brand’s revival by 2027.
La Perla had been entangled in legal disputes following a winding-up petition over unpaid taxes from the UK’s tax authority. Previously owned by German financier Lars Windhorst’s Tennor Holding BV, the brand’s future was uncertain until Kern’s intervention.
Despite facing competition from rival bidder Calzedonia in the sale auction, Kern’s proposal stood out due to commitments to maintain production and product development in Bologna. This assurance, along with the preservation of La Perla’s Italian manufacturing base, secured the Ministry’s approval for the acquisition.
La Perla, known for its high-end lingerie and intimate apparel, boasts a global retail presence while predominantly manufacturing its products in Italy. The brand offers luxury items such as bras priced above €300, as well as a range of nightwear, pyjamas, and undergarments.
The strategic purchase of La Perla by Peter Kern not only safeguards the brand’s heritage and craftsmanship but also signals a new chapter for the renowned fashion house. With plans to invest in revitalizing the brand and expanding its offerings, Kern’s acquisition is poised to reignite interest in La Perla’s exquisite lingerie collections.
This acquisition comes at a pivotal moment for the fashion industry, where established brands are navigating challenges posed by changing consumer preferences, market dynamics, and global economic conditions. Kern’s commitment to preserving La Perla’s legacy while driving innovation reflects a broader trend of fashion entrepreneurship and strategic investments in heritage brands.
The acquisition of La Perla by Peter Kern underscores the resilience and adaptability of luxury fashion brands in a competitive market landscape. As the industry evolves, entrepreneurs like Kern play a crucial role in reshaping and revitalizing iconic fashion houses, ensuring their continued relevance and success in a dynamic global market.
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