MILAN_The Ferre fashion house, which is still evolving since the death of its founder Gianfranco two years ago, presented a quietly elegant spring/summer collection, perfect for summer celebrations.

Tommaso Aquilano and Roberto Rimondi used muted colors _ white, sand, honey and nude _ in light chiffon fabrics, which the designers gently wrapped around the body like a cocoon, for above-the-knee cocktail dresses and ultra light jackets.

The designing duo, in their second year at Ferre, introduced a new softness while still retaining some of the late designers' structured elements _ including the signature white blouses and squared lapels.

According to the designers notes, the overall theme was of a caterpillar evolving into a butterfly _ epitomized by a black chiffon cocktail dress with a a large bow fashioned into a butterfly's wings that frame the face. The show concentrated on after-hours, with only a few outfits dedicated to daytime _ a trend which reflects modern living where many people work from their homes and emerge at night for fun.

Lest anyone think the collection is only about play, the duo included a few pant suits with fitted jackets and deep-cuffed skinny trousers. "We want to cover every occasion of the day," CEO Michele Pica said after the show.

The holding company that owns Ferre has been in bankruptcy protection since February. The three government-appointed administrators will present their plan Nov. 10 to the government on how to return the company to profitability. In preparation, IT Holding, which bought Ferre in 2002, this week hung out the for sale sign so bidders can come ahead with offers for its troubled assets, including Gianfranco Ferre and Icier, a licensing company.

"In terms of a sale, I am hoping the process will go quickly,'" administrator Andrea Chicly said after the show. "This is a fragile asset."

He declined to speculate how long it might take, but said it should be completed by next year's spring/summer fashion week "if not before."

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Associated Press writer Colleen Barry contributed to this report.

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