Jobs saved, factory reopened: Inside the cross-border deal that saved La Perla

Italian luxury brand La Perla is settling into its new ownership structure following a lengthy sale proceedings coordinated between UK and Italian officials, utilising a landmark cross-border insolvency protocol.

With this, the lingerie brand’s joint liquidators Andrew Watling and Duncan Beat, managing directors of advisory firm Quantuma, have now said overall the sale has preserved around 200 jobs in Italy, and has further enabled production to resume at its main factory in Bologna.

200 jobs saved in Italy

In a joint statement, Watling and Beat said the sale, which came as a result of three separate transactions involving assets under three different insolvency proceedings, was the first of its kind signed between an EU country and the UK post-Brexit. “It was fundamental in facilitating a single transfer of assets, rather than piecemeal sales,” they added.

Watling and Beat were assisted on Italian law matters by law firm CBA Studio Legale e Tributario, while Shoosmiths LLP handled the English law aspects, including the application of the principles of court-to-court cooperation in cross-border insolvency matters in the EU. The case ultimately saw the first adoption of the Principles of Cooperation between Courts in Cross-Border Insolvency Matters in the EU.

First cross-border protocol

Speaking on the process, Watling said: “British insolvency legislation allowed us to adapt to the requirements of the Italian code and the ways in which it governs the activities of our Italian colleagues. The concept of a cross-border protocol is by no means new. However, the circumstances of this case are unique and required the collaboration of all officials and their advisors to achieve a better outcome for everyone.

“This highly desirable result demonstrates the power of collaboration and determination as the most efficient way to deal with cross-border insolvency and parallel insolvency proceedings of this kind.”

Watling expressed disappointment at it not being possible to save other jobs within the group, but said he was "obviously pleased that the brand will survive”. He continued: “This case will probably remain one of a kind. It has been a learning experience, not only regarding Italian bankruptcy law and procedures, but also because it offered us the opportunity to collaborate with advisors from different jurisdictions, given the brand's global nature.”

New US management looks to reaffirm La Perla's position

Founded in 1954 by Ada Masotti, La Perla’s assets and its Bologna factory, which reopened earlier this month, were rescued by US businessman Peter Kern in an acquisition that finalised September 30, 2025. The competitive sale process under Italian law concluded in May 2025 and saw participation from numerous interested parties in the tender. Kern was ultimately the successful bidder.

On its freshly secured future, the brand’s new management said: “Looking ahead, La Perla will reaffirm its role as a global benchmark in luxury lingerie, combining tradition and innovation with clarity and consistency. With the reopening of the Atelier, the focus will be on special re-editions; bespoke and made-to-order garments; as well as new collections that embody the brand's vision of timeless luxury.”

Andrew Watling, managing director of Quantuma and joint liquidator. Credits: Quantuma

This article was translated to English using an AI tool.

OR CONTINUE WITH

La Perla

Quantuma