Gilmar Files for Creditor Protection, Winds Down No. 21 and Iceberg Licenses

Gilmar Divisione Industria SpA, the Italian licensee behind No. 21, Paolo Pecora and Iceberg, has filed for protection measures with the Court of Rimini, with total debt of 36.63 million euros and more than 800 creditors as of Aug. 31.

The filing, published on the company's corporate website, invokes the "Composizione Negoziata della Crisi," a voluntary, extrajudicial negotiated restructuring procedure. The court has assigned independent expert Mauro Morelli to conduct negotiations with creditors. Gilmar has also activated ancillary court-mediated protections, which shield the company from enforcement proceedings and bankruptcy declarations while they remain in force.

A hearing on the confirmation of the protection measures and their duration is scheduled for Nov. 24 at the Court of Rimini. Gilmar declined to comment beyond the filing when reached Tuesday.

What went wrong financially?

The company reported positive operating profitability through 2019, when earnings before interest, taxes, depreciation and amortization reached 3.5 million euros. The reversal came fast. In 2020 alone, production value fell 44 percent against the prior year.

Gilmar attributes the deterioration to external shocks:

• the COVID-19 pandemic;
• the war in Ukraine;
• the wholesale business crisis;
• increased energy costs;
• the loss of 25 million euros in annual revenues after the termination of its M Missoni and Siviglia licenses.

The revenue hole from those two terminated licenses alone is roughly seven times the company's 2019 EBITDA, illustrating the scale of the exposure.

What happens to the licensing business?

The three-part restructuring plan submitted to Rimini centers on a controlled wind-down of the licensing operation. Gilmar Divisione Industria SpA plans to complete and ship orders already acquired for the fall 2026 season, then halt development of new licensed collections for 2027.

That timeline gives brand partners and wholesale buyers a defined cutoff: production commitments through fall 2026 hold, but nothing new enters the pipeline for 2027. The decision directly affects Iceberg, whose design, manufacturing and distribution license sits with the industrial unit, and No. 21, licensed since the spring 2013 collection.

Founded in 1992, Gilmar Divisione Industria SpA is a wholly owned subsidiary of Gerani Group SpA, controlled by the Gerani family. Silvano Gerani serves as chairman and co-chief executive officer; Paolo Gerani is vice chairman and co-CEO. Gerani Group also controls Gilmar SpA, which owns the Iceberg label outright. Iceberg, whose collections are designed by James Long, had no comment Tuesday.

No. 21, founded in 2010 by designer Alessandro Dell'Acqua, attracted a 30 percent equity investment from Gilmar Divisione Industria SpA in 2015, two years after the licensing deal began. Dell'Acqua retains a 70 percent majority stake. The brand declined to comment on the proceedings.

Who buys the factories and the real estate?

Two asset transactions anchor the recovery plan. First, Gilmar intends to sell its third-party manufacturing business to an interested industrial partner. The company frames the deal as a jobs vehicle: it would preserve about 126 manufacturing positions, and up to 185 if the buyer also takes on logistics functions.

Second, Gilmar plans to sell its industrial complex in San Giovanni in Marignano, on the outskirts of Rimini. The filing describes the site as the company's principal asset and states it is free of mortgages — a detail that matters for creditors, since the property carries no secured claims ahead of them. Gilmar said in its filings that it intends to seek full satisfaction of creditors.

Is a buyer circling No. 21?

Industry sources in Milan say private equity fund StyleCapital is actively evaluating No. 21 for a potential investment. The fund's portfolio includes MSGM, Forte_Forte and Autry, giving it an established platform in Italian contemporary fashion. StyleCapital did not return requests for comment Tuesday.

Any such deal would be an announced intention rather than a confirmed transaction at this stage, and the outcome likely depends on the Nov. 24 hearing and the shape of the creditor negotiations Morelli will lead.

The runway calendar already reflects the strain. Both No. 21 and Iceberg skipped their usual shows during Milan Fashion Week last September, and Iceberg also sat out the fall 2026 edition last February.

The Rimini court's decision on protection measures later this month will determine how much time Gilmar has to execute the asset sales and complete the fall 2026 order book.