Italian denim brand Gas Jeans has managed to escape bankruptcy by selling its assets to new buyer in Milano 1984 SpA.
As per an Apparel Resources report, Grotto SpA, the parent firm of Gas Jeans, faces €80 million losses, leading to the firm being subsequently taken over by Milano 1984 SpA.
Following the acquisition, Grotto SpA’s property assets, the Gas Jeans label as well as 140 employees at Grotto will operate under the the formal jurisdiction of Milano 1984.
Reportedly, the offer was consistent with the initial tender. Notably, Grotto was valued €17.5 million, including €2.5 million for its subsidiaries Esagon, which owns the outlet stores of Gas Jeans.
Founded in 1984 by Claudio Grotto, Gas Jeans initially established itself in Europe, America and Asia, but lost all its momentum in last 10 years. It generated revenue of €55 million in 2019.
