La Perla: the timing and circumstances of a comeback

In the worlds of fashion and luxury, acquisitions are not merely the result of economic interest, but of memories, affection, and inscrutable, secret connections. Above all, they stem from passion. Otherwise, it would be impossible to explain, for example, why the Chiesa family – a national leader in logistics – has been running Fragiacomo, the historic footwear brand of Milan’s high society, for over a decade, and why, for the past year, Mr and Mrs Kern, Peter and Kirsten – he a former CEO of Expedia and Tribune Media, she a former chef and lecturer – owners of the magnificent Il Palazzone estate in Montalcino, have strengthened their ties with Italy by acquiring La Perla through their financial vehicle, Luxury Holding LLC.

Given that the last four management teams to run the brand since the founding family’s initial sale in 2008 have all been foreign – including, if one wishes to count it, that of Silvio Scaglia’s ex-wife, Julia Haart of ‘The Unorthodox Life’ – a name the approximately two hundred employees who have survived fifteen years of upheaval do not even wish to hear mentioned – it is interesting that the Ministry of Economic Development (MIMIT) has decided to entrust this latest jewel of Italy’s prestigious lingerie industry to the Kern family. Despite its industrial focus, the brand is comparable to the Florentine one represented by Caponi, rather than to Sandro Veronesi, founder of the Intimissimi group, whose expertise in lingerie is certainly beyond question.

And indeed, ‘passion’ is the noun that comes up most often in the brief chat we have with the two Kerns, she wearing a La Perla top under her jacket, on a late September evening in the garden of the Gallerie d’Italia, following the launch of the first collection that blends historical motifs, designs and techniques (who still uses soutache—the hallmark of military uniforms—in lingerie, or Connelly embroidery?) with new approaches. Both Kerns speak of “love for such an important history”, she specifically of “a much-loved collection of garments”, and both of the affection they feel for Alberto Masotti, son of the founder Ada – a would-be doctor and an excellent entrepreneur until, unfortunately, in the late 1990s he succumbed to the family’s delusions of grandeur; ill-advised, he agreed to launch a fashion line, and that was the beginning of the end.

Not once, whilst we are speaking, do the Kerns mention a development plan or a figure: this is a very good sign. The market learnt about a year ago that La Perla’s manufacturing arm, which has been in administration since 2024, was sold for 30 million euros – a fraction of the turnover it generated at the start of this century. But from the words of the new CEO, Alessio Vannetti – who has a long professional history in marketing and brand management at companies such as Zegna, Gucci and Valentino – it is clear that the aim is not to inflate the figures, despite the fact that market demand, following three years of stagnation, is so high that there are plans to open, in 2027 – that is, in a few months’ time – an academy to train new cutters and embroiderers.

Many have been hired in recent years by names such as Scervino and Dolce&Gabbana; certain skills are still worth their weight in gold. “Over the past three years,” says Vannetti, “the brand’s recognition has remained intact and its standing in the luxury sector remains unrivalled in the category. The only real risk, for me, wasn’t whether we would return: it was how. We are an indelible memory for our long-standing customers and an object of desire for those who are just discovering us.” This momentum was further fueled by the release of the trailer for season 2 of The Gentleman and Rosalía’s Berghain video, whose stylist had snapped up La Perla garments before the last boutiques in the US were closed.

“The relaunch I’m leading,” Vannetti explains, “is based on craftsmanship and skilled workers, and our factory-atelier in Bologna is the perfect intersection between haute couture and ready-to-wear. And it is precisely here, as I look back on this history, that I wanted to be honest about what hadn’t worked in the past. For years, we tried to adapt the Bologna factory-atelier to a business model that was unsustainable. Our model has therefore returned to what it was at the very beginning: first we make the product, then we sell it. Not the other way round. Drawing up an ambitious business plan is easy, because the product is in demand and there is a market for it; but doing so at the expense of the company’s profitability and quality is exactly the opposite of Ada Masotti’s founding motto: ‘never compromise on quality and innovation’. All licences have been reacquired, along with secondary brands such as Malizia and the men’s line ‘Grigio Perla’, which ended up as cheap, mass-market underwear, lacking in both style and craftsmanship. ‘The priority is us: La Perla’.