La Perla Resolves Winding- up Petitions
The luxury lingerie brand has been working to pay off a series of outstanding debts in the U.K. and is putting a new growth strategy in place.
LONDON — Luxury lingerie brand La
Perla is raising new funds and paying off outstanding debts in the U.K. that had led to a series of winding-up petitions filed by creditors.
The Italian lingerie brand, which is now based in London, had been served winding-up notices in the past months by Purple PR; the accountancy firm Mazars; the design agency Edge Retail, and the consultancy firm HSO Enterprise Solutions.
In the U.K., a winding-up petition is a legal notice that creditors file with the courts to establish whether a debtor company is insolvent. It can be a first step on the road to liquidation.
Petitions from Purple PR, Mazars and Edge Retail have since been withdrawn after La Perla paid its debts. According to court documents, the company still owes HSO Enterprise Solutions more than 701,129 pounds, and a winding-up petition is still pending.
The brand said in a statement to WWD on Tuesday that the outstanding debt was due to a “simple timing issue,” and added that a new business plan has since been submitted and approved by the board.
“The funds are now available, and every outstanding payment will be settled very soon,” the statement said.
The company added that it plans to outline its new strategy in the coming months.
News of the winding-up petitions was first reported by The Sunday Times of London.
According to separate court documents, a breach of contract case remains open between La Perla and Fashion Design Consultancy LLC, a company owned by “My Unorthodox Life” star Julia Haart and model Mandy Lieu.
The latter made headlines in Asia following her close relationship with Alvin Chau, the disgraced Macau gambling tycoon. Earlier this year, Chau was sentenced to 18 years in jail for more than 100 charges including organized crime and illegal gaming.
WWD has reached out to La Perla separately for comment about the breach of contract case.
Haart served as creative director of La Perla from 2016 to 2018 when the company was owned by her ex-husband, the Swiss entrepreneur Silvio Scaglia. He sold it to the German businessman Lars Windhorst's private equity firm Sapina Holding, which is now called Tennor.
The brand has been searching for new revenue streams and has expanded into beauty and swimwear. It became one of the first brands to join Amazon Luxury Stores. The company also invested $50 million into the now-shuttered British couture house Ralph & Russo.
It remains heavily indebted. Last year, La Perla logged pre-tax losses of 48.8 million euros on sales of 69.1 million euros, according to the company's annual report.
La Perla was founded in 1956 by the corsetry-maker Ada Masotti. Her son, Alberto Masotti, headed the business until it was sold to private equity player JH
Partners in 2007. Ownership of La Perla later passed to Scaglia.
La Perla isn't the only London-based fashion brand to run into financial difficulties post-pandemic.
The Vampire's Wife, a fashion brand known for its flowing sharp-shouldered dresses and gothic charm, is set to be placed into receivership by the British courts this month.
Christopher Kane, one of London's best-known and most talented designers, last month entered administration and is hoisting a for sale sign.
The company said the board of Christopher Kane Ltd. has recently resolved to file a notice of intention to appoint FTS Recovery as administrators to hammer out a rescue plan.