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Even though Emanuel Ungaro owner Asim Abdullah denied the fashion label was for sale, it looks like he's still on the prowl for an investor to get him out of that $25 million debt!
It's being reported that Abdullah has offered Italian fashion mogul Matteo Marzotto a 75% stake in the company.
Marzotto, who used to be a chairman at Valentino, couldn't be reached for comment, but we're sure this is going to be a hard sale for anyone!
Abdullah seems to be desperate for money since he's being forced to clean up the mess that Lindsay Lohan left in her wake.
However, Lindsanity seems to be still be coming out on top despite not being with Ungaro anymore. According to her contract, Asim still has to pay her $1.5 million for three years.
We'd be finding a loophole if we were you, Abdullah!
[Image via AP Images.]
Tags: asim abdullah, contract, debt, matteo marzotto, ungaro, valentino
Posted: March 30, 2010 at 12:30 pm
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