Duror Vogue Group, the holding firm above the style manufacturers Terre Bleue, Gigue and Zilton, and the opposite corporations within the group have determined to shut their books. The corporate itself introduced this in a press launch on Saturday. Greater than 150 individuals will lose their jobs as a result of chapter. 29 shops will stay closed in the intervening time.
The group is greatest identified for the style manufacturers it has underneath its wings: Terre Bleue, one of many better-known excessive road manufacturers, the lads’s label Zilton and the preppy model Gigue – as soon as based by Jo Wyckmans, one of many driving forces within the heyday of Belgian trend and integrated into the Terre Bleue group in 2017.
The household enterprise, which has existed since 1938 and has been led by Peter Perquy for about 5 years, may now not get its debt underneath management. In line with the press launch, from a turnover of 35 million euros earlier than corona, 30 million euros remained in 2022-2023. The group assumes that this decline would have continued into the 2023-24 monetary 12 months.
Duror factors to the corona disaster, the conflict in Ukraine, the rise in power and uncooked materials costs, inflation and the latest unpredictable climate circumstances as the primary causes. However as with different latest bankruptcies within the trend sector, corresponding to Esprit and Scotch & Soda, the ultra-competitive market additionally performs a task: competitors from quick trend, overseas net retailers and large-scale second-hand gross sales, corresponding to Vinted.
As a result of the group’s manufacturers are additionally positioned in multi-brand boutiques, additionally they really feel the growing stress on these smaller factors of sale: “The decimation amongst unbiased trend retailers, which account for about 50% of Duror Vogue Group’s turnover, made all the pieces much more troublesome,” says nonetheless the press launch.
And it’s primarily the manufacturers within the barely dearer – typically not very pronounced – center phase which might be delicate to all these market components. The buyer appears to drop out with that than within the luxurious phase and in quick trend. That was additionally clear with Esprit and Scotch & Soda
The corporate emphasizes that a number of measures have been taken in recent times to cut back prices (regardless of the upward stress of inflation) and enhance turnover: “A few of the manufacturers within the portfolio have been extra profitable than Others. For instance, Gigue has achieved good development in latest seasons. That proved harder for the opposite manufacturers within the group, a phenomenon that your entire sector was confronted with.”
In opposition to that background, it proved inconceivable to achieve a ultimate settlement with the financiers on spreading the credit over an extended interval. This week is a crucial second, because the loans obtained through the corona disaster expire on June 30, 2024.
