MILAN — LuisaViaRoma has filed for protection measures with a Florence Court and the Italian Chamber of Commerce, paperwork reviewed by WWD revealed.
The fashion e-tailer has not been immune to the havoc being wrought by the current macroeconomic headwinds and after attempts at streamlining business operations and conducting extrajudicial negotiations with financial creditors over the past few months, it is now resorting to measures to ensure business continuity as it seeks to restructure its debt.
According to preliminary figures, the retailer logged sales of 310 million euros in 2024.
Financial debt stood at 30 million euros last month, when a capital increase just south of 20 million euros was successfully completed.
As part of the first measure, mediated by the Chamber of Commerce and called “Composizione Negoziata della Crisi,” a voluntary, extrajudicial negotiated restructuring process, LuisaViaRoma has been assigned commissioner Alessandro Angelo Solidoro, who is tasked with conducting negotiations with creditors.
The retailer has concurrently resorted to the ancillary court-mediated protection measures available to companies undergoing the restructuring procedure.
A hearing at the Court of Florence for the confirmation of the latter measures and their duration has been scheduled for Aug. 27, filings revealed.
A Milan-based legal expert who requested anonymity explained that the extrajudicial procedure filed with the Chamber of Commerce — lasting for six months renewable up to a year — seeks to avoid a court-mediated “composition with creditors” measure.
The ancillary protection measures can remain in effect for no longer than one year, the expert said, subject to the Florence Court’s approval. While in place, they protect from enforcement proceedings and bankruptcy declarations.
LuisaViaRoma’s chief executive officer Tommaso Maria Andorlini took to his LinkedIn profile to comment on the new developments.
“This is a challenging moment, but also the starting point for a new strategy. Luxury and online fashion are facing a structural crisis — and we, both retailers and brands, have made mistakes that we must now acknowledge,” he wrote in a lengthy post.
“Today, in line with our DNA, LVR is once again inventing a new model — one based on exclusivity that is not defined solely by price — and the outdated tie to a ‘luxury’ that is no longer universally admired — but by a curated mix of product offering and discovery. Our goal is to serve the high-end consumer who is conscious, discerning, and attentive to the origin of products, their story, and their true medium- to long-term value,” the post read. “Debt restructuring is the tool that will allow us to shed past constraints and return to what LVR has always done best: being a platform for discovery, inspiration, and passion for fashion. Change is challenging, but necessary.”
LuisaViaRoma had no further comment on Friday.
A look from the “LVR Digital Runway” show.
Courtesy of LuisaViaRoma
In an exclusive interview with WWD last month, Andorlini said that current scenario “demands a swift and thorough rethinking of both our distribution strategy and internal structure. Efficiency and a renewed focus on our core business have become essential.”
As reported, one such streamlining measure was the planned closure of its unit and office in Milan, a move that would affect 22 workers required to relocate to Florence.
LuisaViaRoma was established by president Luisa Jaquin — the grandmother of the retailer’s president Andrea Panconesi — who planted the seeds of the family company’s success by opening the concept store in 1929.
Following Style Capital’s investment of 130 million euros to acquire a 40 percent stake in the retailer in 2021, Panconesi left his post as CEO — now held by Andorlini, who succeeded Yoox veteran Alessandra Rossi — to be president of the company, while his daughter Annagreta serves as creative director of both the website and physical stores. In July last year, LuisaViaRoma opened its second brick-and-mortar unit in New York’s NoHo, flanking the storied boutique on Florence’s Via Roma.
