Ailing Italian fashion house Gianfranco Ferré may have just found its saviour.

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Ailing Italian fashion house Gianfranco Ferré may have just found its saviour. After going bankrupt in February 2009 its administrators have been struggling to find a suitable buyer. But the presence of a Korean American private equity boss at last Friday’s catwalk show at Milan Fashion Week suggests the search may be over.

Douglas Song, the managing director of Prodos Capital Management LLC, has joined forces with Samsung to put together a bid that looks like it will be successful. As Gianfranco Ferré is a national icon, the deal needs to be signed off by Prime Minister Silvio Berlusconi, which is expected to happen in the coming days.

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