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The global fashion business journal

Jul 11, 20208:27pm

Sonia Rykiel faces liquidation

After a fourth month process, the company ended with a no winning bid and will close all its stores around the world.

Jul 25, 2019 — 7:00pm
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Sonia Rykiel faces liquidation

 

 

Fashion business losses a player. Sonia Rykiel, owned by the Chinese giant Fung Brand, has put an end to fourth months of negotiations and entered liquidation due to the lack of convincing offers. After the decision of the Paris court, the company will proceed to the immediate closure of its establishments.  

 

The company received two offers. One led by Emmanuel Diemoz, former president of Balmain, and the other by a French family related to the industrial sector. However, both offers were rejected due to the lack of a convincing financial strategy.  

 

The company owned ten establishments and was present in more than 200 multibrand stores around the world. Sonia Rykiel closed 2018 with a downfall of 20 million euros (22 million dollars).

 

Currently the company is run by Nathalie Rykiel, daughter of the brand's founder, who took the rails after her mother’s passing in August 2016. 

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