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The global fashion business journal

Oct 20, 20198:17am

Vivarte: creditors take control of the group

The president of the French company, Patrick Puy, has explained that the new owners of the group plan to invest up to 75 million euros to boost its brands.

Sep 5, 2019 — 4:18pm
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Vivarte: creditors take control of the group

 

 

Vivarte opens a new chapter. The French fashion company, that was one of the biggest ones of the sector, has finally switch hands to its creditors, as stated by the president, Patrick Puy, in an interview with Franceinfo.

 

The executive also stated that the new shareholders plan to invest between 70 and 75 million euros to boost the brands of the group and this could show benefits this same year.

 

 

 

 

“We no longer have a debt and that is a formidable news”, stated Puy, that also explained that Vivarte has a cash of 1.4 billion euros, 10,000 employees, 200 million of cash available and zero debts”.

 

Vivarte already closed the sell of San Marina, one of the brands that continued looking for a buyer and Puy doesn’t rule out that the new owners contemplate more sells. “My interest is not in the group, but in the future of each brand; that everything we sell is in good hands”, stated.  

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