New Guards Group confronts financial struggles and brand buybacks amid declining momentum in the streetwear sector. The company, once a leader in the industry, now navigates challenges that threaten its stability. Industry observers highlight concerns over liquidity and brand valuation as key factors in its uncertain outlook.
New Guards Group (NGG), an Italian fashion group under Farfetch’s control, files for a *composizione negoziata per la soluzione della crisi d'impresa* (CNC) bankruptcy protection measure to restructure amid financial struggles. The company, which operates brands like Palm Angels, Alanui, and holds the Off-White license, seeks to buy time while exploring potential solutions, including a sale, after failing to secure a buyer.
New Guards Group (NGG) invokes Italy’s bankruptcy protection law to restructure operations and avoid formal bankruptcy. The company continues operating while under legal safeguards, aiming to preserve business continuity. NGG cites the move as a strategic step to stabilize financial and operational processes.
Farfetch announces co-founders Davide De Giglio and Andrea Grilli are leaving New Guards Group, where Grilli also served as Off-White CEO. The departures mark a leadership transition within Farfetch’s luxury-focused investment arm. No successors or reasons for the exits are disclosed.
