MILAN – La Perla has found its white knight.

In a note issued on Tuesday, Italian unions Filctem Cgil and Uiltec Uil revealed that American industrial entrepreneur Peter Kern is acquiring the storied innerwear brand.

The transaction, said the note, is a promising sign for the future of the workers and the relaunch of La Perla. “Now is the time to analyze the industrial plan presented to us today that confirms the existing employee positions [understood to be 210] and around 40 new hirings,” they said. The business plan, according to the Ministry of Enterprises and of Made in Italy, hinges on investments of almost 30 million euros by 2027.

The unions urged the government to authorize the social safety nets necessary during this transitional period until the acquisition is completed – and asked to provide the timing of the latter. Meetings with the new management are expected over the next few days for the recovery of the production and distribution.

As reported, the innerwear brand was declared insolvent by an Italian court last year. A trifecta of court commissioners were named, marking the exit of the brand’s owner Tennor.

La Perla has failed to relaunch in recent years and after German businessman Lars Windhorst’s private equity firm Tennor, then known as Sapinda, took over the company in 2018. Weighed down by debts, over the past few years the lingerie label has been searching for new revenue streams and has expanded into beauty and swimwear. It became one of the first brands to join Amazon Luxury Stores. The company also invested $50 million in the now-shuttered British couture house Ralph & Russo.

La Perla was founded in 1956 by the corsetry maker Ada Masotti. Her son, Alberto Masotti, headed the business until it was sold to private equity player JH Partners in 2007. Ownership of La Perla later passed to Silvio Scaglia in 2013, who sold it to Sapinda in 2018.

Last summer, Tyche Bank said 500,000 euros were being made available for La Perla, as reported, allowing the company to restart operations at its plant in Bologna, Italy.  

In May last year, a Bologna court ruled in favor of putting La Perla’s Italy-based manufacturing arm and subsidiary, La Perla Manufacturing Srl, into judicial administration, which allowed the business to continue to operate and the preservation of jobs.

In February 2024 the same court declared La Perla Manufacturing Srl insolvent and appointed the trifecta of commissioners to lead the Italian subsidiary out of financial difficulties.

The commissioners were also tasked with finding potential investors.