Gas Jeans Parent Saved From Bankruptcy Following Acquisition – Sourcing Journal

Gas Jeans, owned by Grotto SpA, avoids bankruptcy and retains 140 of its remaining employees, thanks to Italian investment holding company Milano 1984 SpA, which recently acquired the company.

On May 6, the Court of Vicenza issued its final decision on the acquisition, declaring Milano 1984 SpA the owner of Grotto SpA and its subsidiaries for an undisclosed amount.

Andrea Citterio, CEO and entrepreneur who runs Milano 1984 SpA, told Fashion United that in addition to Grotto SpA, he also acquired the historic Gas Jeans factory outlet in Chiuppano, Vicenza, to “show that we want to continue to maintain activity. where he was born. He plans to relaunch the iconic brand Gas Jeans, which was established in 1984 and has quickly become an iconic brand of premium jeans.

Last fall, Gas Jeans came close to bankruptcy and laid off 200 workers. At the time, he had racked up 80 million euros ($84 million) in losses, according to reports.

Bankruptcies and near-bankruptcies don’t necessarily mean the end of denim brands, as Diesel’s latest rebound has demonstrated. Although the brand’s US division filed for bankruptcy just three years ago, it’s now worn by some of today’s biggest fashion influencers and earning high rankings on top brand lists. Creative director of high-end streetwear brand Y/Project, Glenn Martens was appointed creative director of Diesel in October 2020 and spearheaded its rebranding. Just last month, Diesel entered the top 20 of the Lyst Index for the first time, climbing 31 positions since last quarter, when it ranked 46th. place in the Lyst Index of the most fashionable women’s products.

After filing for bankruptcy in April 2020, True Religion also experienced a successful rebrand, teaming up with streetwear leader Supreme on a collection of early 2000s-inspired gear to pay homage to its heyday in the era. Y2K. He has also worked with rappers Chief Keef and 2 Chainz on collections full of nostalgia.