IT Holding takes over Diners Club divisions

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In an unusual step that will allow it to integrate luxury goods sales with financial services, fashion company IT Holding has taken over the European and African divisions of Diners Club from Citigroup. IT Holding, which is led by iconoclastic businessman Tonino Perna, sells a wide variety of high-priced luxury clothes and accessories. Mr. Perna told local reporters that by owning Diners Club's business in Europe, it would allow him to integrate the services offered by the two companies.

Copyright December 2000, Crain Communications Inc.

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