La Perla facing the abyss: Insight into the lingerie brand's takeover and ongoing administration

La Perla, the iconic Italian luxury lingerie brand, was facing a critical period. Years of economic difficulties had undermined its foundations and although a recent business move offered a potential turning point, recovery was not guaranteed.

On June 10, 2025, US businessman Peter Kern, known for his role as chief executive officer of Expedia and his involvement in the Italian wine sector, acquired the brand’s key assets, including its production plant in Bologna.

This transaction was announced by the Italian Minister of Industry, Adolfo Urso, who stressed that Kern’s offer, which competed with other interested parties such as Oniverse (formerly Calzedonia), was "the most favourable for relaunching the historic luxury lingerie firm".

According to Reuters, Kern committed to investing approximately 30 million euros until 2027, with the aim of maintaining 210 existing jobs and creating around 40 new jobs. However, despite this boost, the accumulated financial difficulties have continued to affect La Perla in other markets, especially in Spain.

Ongoing administration process

The company's Spanish subsidiaries, La Perla Fashion España and La Perla Store España, were declared to be in administration by the Mercantile Court Number 10 of Barcelona, accumulating debts totalling 51 million euros. This situation was directly related to the collapse of its British parent company, La Perla Global Management, which filed for administration the previous year.

Today, La Perla’s footprint in Spain is barely traceable. The firm maintains only two points of sale — a boutique on Paseo de Gràcia in Barcelona and a space in El Corte Inglés de Castellana, in Madrid — in addition to the 42 points of sale in the rest of the world. A map that is far from the one drawn in its prime, at which time it operated up to 10 stores spread across the country.

Anatomy of a downfall

Founded in 1956 by Ada Masotti, La Perla was for decades synonymous with Italian refinement. However, the firm had experienced a prolonged decline in recent years, accentuated by successive changes of ownership. The most recent, under the management of Tennor Holding — the investment vehicle of German businessman Lars Windhorst — aggravated the crisis due to the lack of funding, paralysing much of the business globally. The consequences were particularly serious for operations in the UK, Italy and Spain.

La Perla’s complex business structure — which included entities such as La Perla Global Management UK, owner of the brand, and La Perla Fashion Holding, based in the Netherlands — began to crumble as the crisis progressed. At the end of 2023, the British subsidiary went into liquidation and, at the same time, the Bologna plant was placed under judicial intervention in Italy under the extraordinary administration regime.

Kern takes over

The arrival of Peter Kern represented a kind of respite from a possible final dissolution. Through his private investment firm, he acquired the Bologna production plant and the rights to the brand for around 25 million euros, also committing to an investment of 30 million until 2027 to reactivate industrial activity and preserve jobs.

The plan envisaged restoring production in Bologna, protecting more than 200 jobs and analysing the possible integration of other international subsidiaries under a new structure. Markets such as China and the United Arab Emirates were identified as priorities for this stage, but there was still no confirmation on the inclusion of Spain in this strategy.