the sign asks to be placed in receivership

2023-08-31 16:10:00

The French ready-to-wear brand has requested its placement in receivership. Naf Naf employs 660 people in France and owns 131 stores.

LC with AFP

The ready-to-wear brand Naf Naf has requested its placement in receivership.
© Philippe HUGUEN / AFP

Published on 31/08/2023 at 18:10

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L’ready-to-wear brand Naf Naf risks being placed in receivership from the beginning of September, a spokesperson told AFP. The brand is facing “rent payment arrears” accumulated during the Covid period. This confirms information from the specialized site Fashion Network. The spokesperson clarified that the brand was not eligible for aid during the health crisis. At the beginning of next week, a hearing is to be held at the Bobigny Commercial Court (Seine-Saint-Denis), where the company must “file a continuation plan”.

The French brand launched in 1973 by two brothers employs 660 people in France, owns 131 stores and has a 2022 turnover of 141 million euros, “growing”, according to the spokesperson. The company had begun to restructure and cut 27 positions in June 2023 as part of a PSE, the spokesperson told AFP.

It had already been placed in receivership in May 2020 and taken over by the Franco-Turkish group SY, which is still its shareholder, and which had already acquired the Sinéquanone brand in 2019.

The French ready-to-wear sector in bad shape

Camaïeu, Kookaï, Burton of London, Gap France, André, San Marina, Kaporal, Don’t Call Me Jennyfer, Du Pareil au Même and Sergent Major… These brands well known to French consumers suffered from an explosive cocktail: pandemic, inflation, rising costs of energy, raw materials, rents and wages and competition for second-hand goods.

It was fatal for certain brands, which were liquidated, such as Camaïeu in September 2022, whose dismissal of 2,100 employees made a strong impression. Others are in receivership, such as Kookaï or Burton of London.

READ ALSOAndré, Kookaï, Gap…: the reasons for a carnageWithout reaching that point, still others are cutting back, cutting staff and closing stores, such as Princesse Tam Tam, Comptoir des Cotonniers (Fast Retailing group) or Pimkie.

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