Dubai firm acquired Italian fashion house Gianfranco Ferré

Bankrupt Italian fashion house Gianfranco Ferre' has been sold to Paris Group, a Dubai-based fashion distributor and Middle Eastern franchisee for Versace, Cerruti and other luxury brands.

Paris Group led by businessman Abdulkader Sankari, came in after a failed bid by Samsung for Gianfranco Ferre'. Paris Group is a conglomerate, with 25 restaurants and 250 directly-owned stores and licences for brands across the Middle East and Russia.

More details follows from Ansamed and FT.com