The family had previously announced plans to buy a 25.5% stake from minority shareholders and take the company private.

All shares tendered in the planned offer will reportedly be returned to the original shareholders. Shares in the company had fallen by as much as 21% earlier this week.

Despite this outcome, the Della Valle family is continuing its aim of purchasing the company and taking it private, saying in a statement: “From tomorrow we will all work to achieve in the necessary timeframe the realisation of a project that we hope will be very successful.”

Source: The Business of Fashion