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High lingerie in China end underwear machine La Margarita in sales talks with Calzedonia
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High lingerie in China end underwear machine La Margarita in sales talks with Calzedonia

MIAMI Italy's high Wholesale Bikini end underwear machine La Perla has joined exclusive talks with fashion group Calzedonia over the sale of a controlling stake that would help the loss-making group relaunch on international markets.

The companies said in a joint statement on Tuesday lingerie in China that they might examine the terms of a possible tie-up with the aim of preserving jobs in Italy while opening stores in Asia, Russia and Latin America. No financial details were released.

Founded in 1956 by a corset-maker in the city of Bologna, La Perla was bought in 2008 by U. H. private equity account JH Partners, which has invested around 50 million euros in the firm.

The company continues to be looking for possible partners since the end of 2012 as it needs liquidity to cut debt and open 160 stores over the next three years.

 

Also known for its 500-euro lace corsets, La Perla booked revenues of 107 million euros in 2012, slightly below a year before. First-quarter sales were in line with 2012, it said.

La Perla is among Italian brands seeking investors to fund their retail expansion abroad at a time of limited access to credit and declining sales at home.

The group sells over 67 percent of its products in Europe, with Asia accounting for 16 percent and the U. H. 17 percent.

Italy's Calzedonia, which also owns the Intimissimi and Tezenis underwear brands and competes with Italy's Yamamay, is distributed in 30 countries through a franchising sale network.

Just like retail chains like H&M and Inditex's Zara, Calzedonia offers vibrant lingerie and beachwear at affordable prices with a strong focus on fashion.

Trade unions at La Perla welcomed news from the talks as they fear for the future of around 300 La Perla workers in Italy.

"Calzedonia is a textile and fashion group and understands what they are doing. And it helps that it is Italian, " Rossana Carra from the Femca Cisl union told Reuters after a meeting with the company's management in Bologna.

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