Italian denim label Gas Jeans escapes bankruptcy; gets a buyer

Italian denim brand Gas Jeans is all set to gain fresh momentum as it finds a new buyer in Milano 1984 SpA – thus escaping bankruptcy.

If media reports are to be believed, Grotto SpA, the parent firm of Gas Jeans, was burdened with €80 million losses, and subsequently the firm has now been taken over by Milano 1984 SpA.

Following the acquisition, Grotto SpA’s property assets, the Gas Jeans label as well as 140 employees at Grotto come under the formal jurisdiction of Milano 1984.

Reportedly, the offer was consistent with the initial tender. Notably, Grotto was valued €17.5 million, including €2.5 million for its subsidiaries Esagon, which owns the outlet stores of Gas Jeans.

Founded in 1984 by Claudio Grotto, Gas Jeans initially established itself in Europe, America and Asia, but lost all its momentum in last 10 years. It generated revenue of €55 million in 2019.