MILAN — La Perla is headed to greener pastures under the new owner, American industrial entrepreneur Peter Kern, the former chief executive officer of Expedia.
Italian trade unions Filctem Cgil and Uiltec Uil said Monday that all former employees, about 220 people, have been rehired by La Perla Atelier, the brand’s parent company. Often referred to as “perline,” which means small pearls in Italian, the company’s workers will get back to their jobs at the recently reopened Atelier in Bologna, Italy, starting Monday.
“This marks the end of more than two years of uncertainty, a period defined by sacrifices and fear, but also by unwavering determination. The craftspeople, accustomed to stitching true works of art for the luxury sector and appreciated internationally, held together what financial speculation was dismantling piece by piece,” the unions said in their statement.
“The signing of the contracts is not the final objective but the beginning of a new chapter. Starting today, the new owner inherits a unique human capital, capable of creating value with every single stitch. It is on this legacy that the relaunch of the factory and of the brand will be built,” the unions continued.
La Perla had been in a state of chaos for more than two years before Kern completed the acquisition last June through his Luxury Holding company.
The entrepreneur’s business plan for the luxury innerwear brand hinges on investments of almost 30 million euros by 2027, according to the Ministry of Enterprises and of Made in Italy, which has been actively involved in all stages of the business rescue plan.
As reported, the innerwear brand was declared insolvent by an Italian court in February 2024. A trifecta of court commissioners was named, marking the exit of the brand’s former owner Tennor, the private equity firm, previously known as Sapinda, helmed by German businessman Lars Windhorst.
Under his lead, La Perla had failed to relaunch in recent years, weighed down by debts, albeit searching for new revenue streams by expanding into beauty and swimwear. At one point it became one of the first brands to join Amazon Luxury Stores. The company also invested $50 million in the now-shuttered British couture house Ralph & Russo.
In May 2024, a Bologna court ruled in favor of putting La Perla’s Italy-based manufacturing arm and subsidiary, La Perla Manufacturing Srl, into judicial administration, which allowed the business to continue to operate and the preservation of jobs.
A few months later, Tyche Bank said 500,000 euros were being made available for La Perla, as reported, to keep operations at its plant in Bologna alive as the search for potential investors continued to be carried out by the courts commissioners, until Kern, the former CEO of Expedia, finalized the transaction.
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 passed to Silvio Scaglia in 2013, who sold it to Sapinda in 2018.
