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One of the historical brands of Italian jeans, the Rifle, with the bankruptcy declaration of the Court of Florence. Born in 1958 by brothers Giulio and Fiorenzo Fratini who in North Carolina, at the Cone Mills factory, discovered that denim has been an icon of Italian fashion for decades.
The rifle, the symbol of Italian jeans, fails: the story
The company based in Barberino di Mugello, in the province of Florence, had been in crisis for some time, but seemed able to bounce back in 2017 with the opening of the share capital of the son of the founder Giulio, Sandro Fratini, to the Swiss investment company Kora, which became the majority shareholder the following year with 55% of the shares.
A relaunch plan that seemed to be consolidated with the arrival at the helm of the company of an experienced figure in the sector such as Franco Marianelli, before Guess Italia and Gas jeans. As a result of the new strategy, the Fratini family has abandoned all corporate offices, maintaining a minority stake, and in 2018 the financial statements closed with a turnover of 16 million euros and a loss of 3.3 million.
After the request for a settlement in continuity with the Florence Court and the request for help made by the unions to the Tuscany Region, which opened a crisis table, the expected debt recovery and restructuring program did not arrive last year . . A gap in the recovery plan that led to failure.
The rifle, the symbol of Italian jeans, fails: the situation of employees
An extremely disturbing epilogue for him too. 96 workers from the Mugello headquarters in Barberino and in monobrand stores throughout Italy, which only have to wait for the success of the auction: “The court ordered the provisional exercise for 45 days – explained Alessandro Lippi from Filctem- CGIL and Gianluca Valacchi from Femca-Cisl who are closely following the story and as soon as the bankruptcy administrator is officially appointed, we will request a meeting to review the situation and try to provide more information. financial support for employees who are now on Covid-19 layoffs. “
“We will try to verify all the possibilities of safeguarding employment – the union representatives finally added – if there are expressions of interest for the brand and therefore for the business”
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