MILAN – Oxy Capital has formalized a binding offer to buy Aeffe, affording future prospects for the financially troubled Italian fashion group.
On Friday, Italian unions FILCTEM-CGIL, FEMCA-CISL, UILTEC- UIL expressed “satisfaction with and a positive view of” this development that will allow Aeffe to avoid a liquidation or a corporate insolvency.
Oxy Capital will operate with a Chinese industrial partner and Invitalia, Italy’s agency for development of the Ministry of Economy and Finance, “confirming the attractiveness” of Aeffe, and “the value of the expertise” of its employees and artisans, the unions said in a statement, while awaiting the details of the deal, which will condition the outcome.
Their priorities for the phase of negotiations include full protection of the existing jobs and employees’ contractual rights, and an industrial plan that will guarantee development, investments, continuity of production and a relaunch in the long-term, avoiding financial and speculative operations.
A meeting has been scheduled on Sept. 28 for additional updates.
