The company is led by Italian director Luca Guadagnino (Melissa P), Fendi group fashion designer Silvia Venturini Fendi with producers Carlo Antonelli, Marco Morabito and Massimilano Violante.
The English-language remake will have an international cast and creative team.
It will be influenced by 'cinema, videogames, fashion and music,' said Guadagnino in Cannes. 'The Gothic resurgence is very strong and we feel that a new version of Suspira will fit very well.'
Horror master Dario Argento will be in Cannes to present the restored version of his classic in the Cannes Classics sidebar.
The projection on May 18th commemorates the 30th anniversary of its release. Argento has just completed the long awaited final segment of the Mother Of Tears trilogy La Terza Madre (The Third Mother) staring his daughter Asia.