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BMO-led lenders push for Ssense liquidation over founder buyout

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January 16, 2026

A group of lenders to Canadian luxury fashion retailer Ssense are trying to block a deal that would allow its founders to buy the company out of bankruptcy, arguing that liquidation would let them recover more cash.

Ssense

In court filings this week, the group, led by Bank of Montreal, said it seeks to stop a founder-led buyout of the company’s parent, Atallah Group, and instead wants a judge to authorize an orderly liquidation of the retailer’s assets. 

The lender group, which also includes Royal Bank of Canada, JPMorgan Chase & Co., National Bank of Canada and Bank of Nova Scotia, is owed about C$113 million ($81 million) and would recover tens of millions of dollars more if the company’s assets were liquidated, it said in court documents. Details of the founders’ offer for the Montreal-based company aren’t public. 

“It is not appropriate, fair and reasonable to force the fulcrum creditors in the proceedings to accept a loss of this magnitude when there is an alternative providing a real and concrete path to a considerably higher economic outcome,” the lenders said in a filing. 

Representatives for the company and the lenders didn’t immediately respond to requests for comment.

The Government of Quebec’s financial arm, Investissement Quebec, also contested the bid in a separate notice on Wednesday, saying that “the purchase price is significantly insufficient.” IQ said Ssense owes it more than C$21 million.

The dispute centers on a bid submitted by an entity controlled by Ssense’s founders, which was approved by the court-appointed monitor, EY, after a monthslong sale process under the Companies’ Creditors Arrangement Act. The transaction would allow insiders to retain control of the business rather than sell it to an outside buyer.

Court records show the sale process was extensive. Advisers contacted 170 potential bidders, including financial and strategic buyers as well as liquidation specialists. Fifty-one parties signed non-disclosure agreements and received access to a data room, generating multiple non-binding offers. 

Two successive rounds of binding bids ultimately failed to meet court-approved conditions, prompting the monitor to relaunch the process in December with tighter rules and accelerated timelines.

That final round produced two binding bids, but only the founders’ offer complied with the court approved process, documents show. No liquidation bids were submitted, and EY concluded that the founders’ proposal was preferable to liquidation. 

In filings, the monitor said the deal would preserve more than 760 jobs, mostly in Quebec, keep Ssense operating as a going concern, and ensure customer returns are honored — an estimated C$19.5 million liability. Dozens of supplier contracts would also be assumed, and EY said creditor recoveries would likely be no worse than liquidation, with far less execution risk.



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Caruso embraces experimentation with made-in-Japan collaboration with Sanyocoat

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January 16, 2026

For Marco Angeloni, CEO of Caruso, the Italian ultra-high-end menswear manufacturer and part of the Lanvin Group, a few keywords explain Caruso’s success.

“Passion. Quality. Consistency: this is how we have won and retained our customers. Our mantra, ‘playful elegance’, immediately sums up what we do and continue to do. We approach menswear with meticulous attention to detail, yet we also have the ability and courage to experiment with new fibres, colours and shapes, without forgetting our Neapolitan roots, where tailoring is fundamental.”

The trench coat crafted with Sanyocoat

It is no coincidence that Caruso grew in a complex year like the one that has just ended,”thanks both to the Italian market, which now accounts for almost 30% of sales and has shown extraordinary resilience (with a 70% sell-through before markdowns), and to the Japanese market, whose highly discerning clientele has been won over by our quality, the refinement of our detailing and that inimitable, quintessentially Italian elegance that sets us apart,” Angeloni continued.

At the Caruso booth at Pitti, FashionNetwork.com also spoke with creative director Max Kibardin. The understanding between Kibardin and Angeloni is evident: the manager and the designer complement each other perfectly and share the same vision.

“We are a small team, we move quickly, the decision-making process is streamlined, and our messaging is clear and shared. We understand the importance of research and innovation in fabrics, colours and materials, and we are equally convinced that we must remain faithful to our heritage. We often anticipate trends precisely because of our research and our vision, yet we never stray too far from a reassuring territory in which the customer can feel at ease, as they are investing in wardrobe pieces designed to last,” Kibardin explained.

Angeloni added that, in a complex context like the current one, positioning Caruso within affordable luxury has paid off. “Our core offering sits in the €2,000 bracket, and, with a top-tier wholesale network, we have been recognised as delivering exceptional quality at a distinctly attractive price,” he expressed.

The trench coat crafted with Sanyocoat
The trench coat crafted with Sanyocoat

To the keywords cited by Angeloni as defining elements of Caruso’s brand identity, one can confidently add “experimentation”. Proof of this, beyond truly distinctive collection pieces such as the silk coat or the tailored parka, are the collaborations undertaken by the Soragna-based brand.

Following the jewellery collaboration with Villa Milano launched last year, Caruso will introduce during Milan Fashion Week a truly unconventional collaboration with Sanyocoat, a major Japanese player that has devoted more than 80 years to the art of making coats.

Together with its Japanese partner, Caruso has developed two trench coat models crafted from a special cotton gabardine with a three-dimensional herringbone pattern. The garments, strictly Made in Japan at the Sanyo Sewing Aomori Factory, feature balanced proportions for a soft, relaxed fit. The sleeves are raglan, inspired by the functional language of military uniforms; all finishing is done by hand; horn buttons are used; and details such as the collar and leather buckle express a sense of understated, measured craftsmanship in which every element is essential.

More than a collaboration, this is a dialogue between Italy and Japan that translates into a contemporary interpretation of outerwear, where artisanal know-how and innovation coexist in harmony. On Saturday, the trench coats will be shown during the Milan presentation, but a few months’ patience will be needed before they can be purchased from leading retailers in Europe and Japan.

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Woolrich looks to its past

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January 16, 2026

Just two months ago, the Turin-based BasicNet group, owner of the Kappa, Robe di Kappa, K-Way, Superga, Sebago and Briko brands, announced it had reached an agreement to acquire the Europe operations of Woolrich, the historic American brand founded in 1830. Last week also saw the announcement of the suspension of the transfer of the 139 employees currently based at the Bologna headquarters. In short, much has been written in recent months, and the Woolrich name has been at the centre of many conversations in the fashion industry. The Pitti Uomo appearance was highly anticipated.

Lorenzo Boglione, CEO of BasicNet, accompanied by brand director Marco Tamponi, who joined the company in 2017 to oversee Sebago (from both a commercial and creative standpoint), met with the press and outlined the first steps under the new ownership at the Florentine event.

The approach is one of great pride and deep respect for the brand’s DNA: for Boglione, it is “about being custodians of 200 years of history and having the ability and vision to evolve the brand into the contemporary era.”

The first step, then, is study: not only of the garment archive (over 15,000 pieces), but also of the fabrics (over 12,000 samples), which represent a significant part of Woolrich’s heritage. Boglione recalls that the American company was founded in Pennsylvania by John Rich and Daniel McCormick to manufacture fabrics for clothing worn by hunters, lumberjacks and trappers.

“Workwear and outerwear are deeply rooted in American culture, which makes it fascinating to explore their history,” the CEO commented.

The words “time” and “patience” surfaced repeatedly during the press conference. Boglione spoke in measured tones and was keen to emphasise that each step will be taken slowly, in a considered and structured way.

“We bought a brand that had a turnover of 90 million but was in great financial difficulty. Fortunately, we are not chasing immediate results or easy turnover. We all tend to remember Woolrich today for a single jacket style, whereas the brand is much more than a product that was immensely successful 20 years ago. We will not repeat the mistake of lacking a 360-degree vision. We will return to its past and its archive for this very reason: to be able to tell the incredible story of this brand,” he said.

These first weeks have therefore been used to study the current market, define the next steps, and begin work on a collection (both men’s and women’s, a segment that currently accounts for 30 per cent) that will need to be broad and well-structured. The path envisaged by the Boglione-Tamponi duo recalls what was done with Sebago and champions a slow business approach.

Only on one thing did we work in great haste with a sense of urgency: we had a beautiful space in Turin, our city, and we raced to open a flagship in time for Christmas. For everything else, we don’t have to rush,” they explained with a smile.

“Italy and Germany today are the two main markets (they account for 80 per cent) with high brand awareness. Surely we could start here, but we will not hesitate to look wherever the collection can meet the tastes of new consumers,” Boglione stressed.

On the production side, Woolrich will be able to rely on BasicNet’s highly structured and diversified supply chain, international in scope, with many product categories produced in Italy.

Drawing on his experience with Sebago, Tamponi will lead creative development and commercial strategy together with a team that is taking shape, with every decision carefully considered and made collectively.

For Pitti, Boglione and Tamponi conceived the Woolrich space as a themed room in which the buffalo check motif covers the surfaces and creates a warm, deeply American atmosphere. Archival catalogues, historical images and tangible evidence of the brand’s long history—original spools of yarn, portraits of founder John Rich and his family—line the walls. Objects that speak of an age-old craft, one that survived the 1903 fire that destroyed part of the archives but not the company’s identity. And it is from that identity that everything is now ready to start again.

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Vivaia changes gear and prepares for the next chapter

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January 16, 2026

Vivaia is moving quickly. Following the recent opening of its second Paris boutique in late 2025, the footwear brand, known for its responsible approach, has announced a key new milestone in its development: the appointment of Alan Buanne as creative director.

Alan Buanne – DR

A strategic move as Vivaia looks ahead to 2026 with a clear ambition: to strengthen its global presence and shape its creative identity at scale.

In just a few years, the brand has made its mark on the footwear landscape, and its strategy appears to be paying off. In 2025, the label had more than 75 boutiques worldwide and recorded striking growth across its physical retail network, with year-on-year retail performance up 100%. In New York, the SoHo boutique even posted record footfall.

To support this momentum, Buanne brings a strong track record. Trained at Polimoda in Florence, he worked for renowned names such as Nicholas Kirkwood and Bottega Veneta before co-founding Neous, a footwear brand known for its refined, considered take on luxury.

Buanne also intends to evolve the brand’s visual language while staying true to its DNA.

“My aim is to build on what already clearly resonates and to guide Vivaia into its next phase with the same determination,” he stated, in a press release.

That vision involves more inclusive silhouettes, greater attention to skin tones, and clearer communication around innovative materials and environmental commitments, notably the recycling of ocean plastic.

DR

At the same time, Vivaia is preparing a major expansion of its boutique network. By 2026, the brand aims to have 130 points of sale worldwide. In the United States, ten new openings are planned, including in New York, California and Florida. These stores will adopt a new concept designed for wellbeing: soft lines, warm materials and welcoming spaces, reflecting the brand universe it aims to build. This rollout will complement established partnerships with retailers such as Nordstrom and Von Maur, with further collaborations to come, including Macy’s.

The first collection shaped by Buanne’s vision will debut in Autumn/Winter 2026.

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