La Perla acquired by US billionaire Peter Kern

The new owner of Italian luxury lingerie label La Perla is US billionaire Peter Kern, the former vice-president and CEO of Expedia. The news was reported by Italian daily Il Messaggero, citing sources from Italy’s Ministry of Business and Made-in-Italy (MIMIT). The news has been confirmed by other sources close to the matter.

Kern lives in Italy with his wife Kirsten, and is nicknamed ‘Mr Brunello di Montalcino’ for his investments in the wine industry. He has acquired the rights to La Perla’s brand name and the label’s Bologna production site. The former was the property of UK-based company La Perla Global Management UK, which is being wound up by the court in Italy and went into administration in Britain, while the factory was owned by Bologna-based company La Perla Manufacturing, also in administration.

MIMIT Minister Adolfo Urso will give the unions details of the operation, which will save 210 jobs, while a turnaround plan involving 40 new hires has been drawn up.

According to Il Messaggero, it was Kirsten who encouraged her husband to buy La Perla. Kern is said to have paid approximately €25 million for the production site, the minimum price having been set at €22 million. A local accountancy firm, Studio Trombone, is advising Kern, and is drawing up a plan to relaunch La Perla, tapping its Bologna factory’s lingerie expertise. Il Messaggero has reported that, although some competitors submitted higher bids for La Perla, Kern prevailed because he pledged that manufacturing and product development will remain in Bologna.

Kern will assume the role of president of La Perla, while Paolo Vannucchi will be back at the helm as CEO. A few years ago, he had led the label during the final months of Silvio Scaglia’s ownership, and the transition to subsequent owner Lars Windhorst.