AltaRoma has been going through some troubled times lately. In the absence of a decision by the shareholders regarding the annual contribution - the shareholders include the Chamber of Commerce and the Regione Lazio (Latium Region), the Provincia (Province of Rome), and Risorse S.p.A. (Municipality of Rome), among others - the Roman Couture Week has declared itself unable to assume any commitment regarding 2015, starting from the forthcoming January event.

In fact, the company finds itself forced to freeze all activities, despite having collected the assent of numerous fashion designers, Couture houses and academies to participate in the fashion shows and projects related to the event. ‘I am fully aware of the dramatic situation in which we find ourselves,’ commented Adriano Franchi, AltaRoma ’s General Manager, while pinpointing the various risks that the event is facing, such as the risk of losing private sponsors, and the risk of the downfall of fashion businesses and skilled artisans involved in the indirect employment generated by the event. ‘But I feel it incumbent to point out that AltaRoma is a subsidiary company which closes its annual financial statements with a profit and one that invests the majority of its resources in projects targeted at fostering development of the area and promoting Made-in-Italy.’

“I sincerely hope that thanks to the commitment of our shareholders we can overcome this impasse,’ added Silvia Venturini Fendi, President of AltaRoma . ‘I am afraid that we might not only we lose an opportunity that is vital to reconfirming trust in public intervention and in support of development, but also one that serves as a means of rebuilding hope in one of the most important production business on which our country can count for its own future recovery.” [sic]

More information about the story as it breaks.

www.altaroma.it

Picture courtesy of AltaRoma / Vogue Talents. Fashion by Isa Arfen.