Ungaro Looking to Unload 75% of the Label?

March 30, 2010 • Fashion


Emanuel Ungaro has not been having such a good couple of months. After the last Lindsay Lohan disaster, the company has been publicly going downhill and it doesn't seem to be getting better. This is just the icing on the cake. 

The owner of Emanuel Ungaro Asim Abdullah is in talks with Italian luxury tycoon Matteo Marzotto to sell him 75 percent of the Ungaro label. Abdullah has previously denied selling any stake in the company.

Abdullah is also looking to get designer Giambattista Valli back. The designer left the label in 2005 when Abdullah bought it. The only profitable portion of the label, the fragrance business, is still owned by Salvatore Ferragamo.

The biggest hurtle is the Lohan factor. Lohan has caused more problems to the label than it is actually worth now. She reportedly caused $12,000 worth of damage to a hotel last September, in which Abdullah was forced to pay for. Nevertheless, Abdullah will still be on the hook for at least another three years. In a contract he signed last year, he will still be forced to pay Lohan $1.5 million a year.

-Taneisha Jordan

Source: NYPost.com

Photo: mareiclaire.co.uk

See the Top Ten Summer 2016 Trends for Women Over 40

Tags: , , , , , , ,

Leave a Reply