How do you approach managing legal aspects during periods of instability or crises, and how does your legal strategy align with the broader business strategy to ensure the organisation’s resilience?   

Since the onset of the pandemic, which has been a significant driving force behind global instability and economic downturn, legal departments have found themselves at the forefront of organisational challenges. This period of instability compels companies to rethink their business practices, placing additional pressure on legal teams. The rapid changes in supply chain management necessitate a flexible legal approach. It is crucial for a well-grounded legal department to understand the risks associated with contract management and to provide timely support in minimising those risks or preparing for the potential impacts of increased litigation on the business. 

Whatever the challenge may be, legal departments must adapt their reasoning to align with business solutions. Legal strategies should not only identify risks but also offer business advice that aligns with the law and addresses the specific risks faced by the organisation. In uncertain times, a proactive legal strategy is essential. It is vital for legal counsel to be present in major executive meetings where critical decisions are made, enabling early recognition of potential legal upheaval. I strive to embed legal considerations into strategic planning from the outset, ensuring that business processes are designed to minimise legal risks from the beginning. 

In response to the challenges posed by the pandemic, we have revised many contracts to ensure that critical clauses align with the flexibility required by our organisation. Additionally, we are currently reviewing all contracts with Russia, introducing a specific clause to mitigate the risks associated with the potential for more stringent EU sanctions and to safeguard the business accordingly. 

What are the main cases or transactions that you have been involved in recently?   

The establishment of TRUSSARDI Milano represents a significant milestone as a new company emerging from a complex M&A operation involving an asset deal with the previous Trussardi, which underwent a new insolvency procedure under the revised Italian Law. Throughout this intricate process, I provided comprehensive assistance to the old Trussardi, guiding the company through both the insolvency and M&A procedures, ultimately facilitating the Newco’s journey towards relaunching the TRUSSARDI brand. This multifaceted operation spanned approximately fifteen months and was marked by its complexity. 

One of the primary challenges stemmed from the relatively new legislation surrounding insolvency procedures, which meant that few precedents existed to offer clear interpretative guidance. This necessitated extensive analysis and legal scrutiny to support the management team and external counsels involved in the operation. The legal department played a pivotal role in steering this intricate process internally, ensuring that all legal aspects were meticulously addressed until the successful execution of the M&A deal. 

Despite the challenging circumstances, we achieved a significant milestone by negotiating and finalising a crucial license agreement with a real estate developer in Dubai. This agreement paves the way for the construction of the very first Trussardi-branded building in the world, which will be completely furnished with products from the Trussardi Casa collection. This collaboration not only marks a new chapter for the TRUSSARDI brand but also exemplifies our commitment to expanding its global presence and reinforcing its identity in the luxury market. 

What do you see as the major legal challenges for businesses in Italy over the next five years, and how are you preparing to address them?  

Fashion is poised to be one of the industries most significantly affected by the surge in sustainability legislation. With numerous regulations already approved and more on the horizon, it is increasingly apparent that fashion products will undergo transformative changes. This evolution will compel fashion companies to rethink their entire approach, from the conception and production of goods to the organisation of their supply chains, distribution methods, and the management of product and packaging waste. 

Currently, a notable focus in Italy is the scrutiny from certain courts regarding how fashion companies manage their supply chains. Beyond the implications of sustainability, several courts have begun to examine whether these companies are effectively implementing controls that comply with Italian labour law. This shift in legal oversight is forcing companies to not only consider their environmental impact but also the ethical standards within their supply chains. 

In response, we have initiated an internal study aimed at analysing potential critical suppliers and developing a remediation plan to mitigate disruptions in the supply chain. This proactive approach seeks to minimise the legal risks associated with these critical suppliers. More intriguingly, we are also exploring collaborative efforts with other businesses in the sector to establish a comprehensive tool for assessing suppliers throughout various phases of the relationship, from onboarding to ongoing business interactions. This tool will be designed to align with new sustainability legislation and meet the demands imposed by courts and local laws, ensuring that companies are well-equipped to navigate this evolving regulatory landscape.