Apr 10, 2016
Wacoal to sell French brand Huit
Apr 10, 2016
Huit will once again be in new hands. The brand known for its lingerie and swimwear, founded in 1968, changed owner in 2010, and was taken over by British company Eveden after bankruptcy. The group was then bought by Japan’s Wacoal in 2012, who is not hiding that they now want to sell off the brand.
History repeats itself for Huit who now has to go through the courts. Therefore, the group, via Patrick Bordessoule, appointed President in February to carry out this mission, requested that Huit be placed in receivership to “facilitate operations,” said the president.
Discussions have begun with potential buyers, before the submission of tenders before the Rennes Commercial Court on May 17.
Patrick Bordessoule asserted that the group guaranties the continuity of normal business and collection launches in anticipation of a recovery. Huit currently has 83 employees and is only distributed in department stores and multibrand retailers.
The brand’s signature style long recognized for its finesse has 300 distributors in France. It also generates 50 percent of its turnover, or 6.2 million euros, through exports. Sales contracted sharply in 2015, down by 20 percent, though they were up by 12 percent the year before. The operating results were negative for several years (at their lowest in 2015, -2.9 millions euros).
The group decided not to invest in web distribution however, making Huit more vulnerable to the trends of the multi-brand market.
Anais Lerévérend with Kanako Nishio
Copyright © 2023 FashionNetwork.com All rights reserved.