Insolvency proceedings were opened on Oct. 13 in Venice for MCS Cavaliere, formerly Marlboro Classics, and Industries Sportswear Company, owner of the Marina Yachting and Henry Cotton's brands. In 2013, shortly before going public, Moncler had sold Industries Sportswear to Emerisque Brands, a private equity firm set up in 2004 in London by an Indian investor, Ajay Khaitan. As part of that transaction, some of Moncler's shareholders took a 30 percent stake in Cavaliere Brands, a company indirectly owned by Emerisque, which had previously acquired Lee Cooper and other sportswear brands.