Lapo Elkann Clinches Debt Deal to Save His Own Fashion Brand

Lapo Elkann, one of the heirs of the billionaire Agnelli family, reached a deal to restructure the debt of his own fashion company Italia Independent Group SpA.

(Bloomberg) — Lapo Elkann, one of the heirs of the billionaire Agnelli family, reached a deal to restructure the debt of his own fashion company Italia Independent Group SpA.

Elkann, brother of Stellantis NV’ Chairman John, struck an agreement with lenders to provide €13 million ($14 million) of new financing, according to a filing late on Tuesday.

Creditors to the holding company will get repaid 10% of their original exposure, while lenders to the operating unit will receive 20%. They will also get part of the proceeds in case the company is sold.

The restructuring plan must be approved by an Italian court, according to the filing.

Lapo Elkann gained popularity for his style and marketing initiatives. He launched his fashion firm in 2007 and listed it six years later. Italia Independent makes licensed eyewear for Cristiano Ronaldo’s CR7 brand and for Hublot, a luxury watches brand owned by LVMH.

The Elkann brothers are heirs of the Agnellis. The family’s investment vehicle Exor NV holds stakes in Stellantis, Ferrari NV and Juventus Football Club SpA.

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