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Fashion Network
26 minutes ago
- Fashion Network
Le Coq Sportif: Dan Mamane wins the match and chooses Alexandre Fauvet as CEO
Dan Mamane is not, of course, alone in building the project selected by the Paris court. He is backed by the Mirabaud Patrimoine Vivant investment fund, which in the past took a minority stake in Le Coq Sportif under the aegis of former French Minister of the Economy Renaud Dutreil. The brand will be entrusted to Alexandre Fauvet, a former Lacoste executive who was recently CEO and minority shareholder of premium alpine brand Fusalp. In a press release, the consortium also stated that the "project includes the support of the Japanese group Itochu, owner of the brand in Asia, as well as that of Udi Avshalom, a world-renowned sneaker expert and former COO of Adidas, who will take on the position of Global Brand Strategic Advisor." A large-scale partnership, but for what project? "The plan validated by the court aims to reposition Le Coq Sportif as a benchmark international brand in high-end sports and lifestyle. The ambition is to achieve sales of 300 million euros in 2030 (compared with 122 in 2023) and "a return to sustained profitability." To achieve this, the brand will "develop its offer, with a new segmentation around four universes: sportstyle, sport heritage, lifestyle chic and technical performance. Distribution will be rebalanced between the selective network, e-commerce, marketplaces, and affiliated stores. Internationally, the ambition is clear: to triple the share of sales outside France by 2027." "After some difficult years, Le Coq Sportif needs to regain its influence and desirability, and that's what our project is all about. It is based on strong convictions and the assets of this emblematic brand: a French brand, unique textile know-how, a precious territorial anchorage, and immense potential for reconquest," explained Mamane in the consortium's press release. "We will give back to Le Coq Sportif the means to innovate, to seduce world markets again and to assert itself as a reference of French style and sport." As rumors have suggested in recent weeks, the French industrial aspect seems to have weighed heavily. The buyer explains that the historic workshops in Romilly-sur-Seine, a few kilometers from Troyes, will play an important role in the strategy, which aims to bring together creative, industrial and strategic functions, whereas the company previously had major offices in the heart of Paris. The Romilly-sur-Seine site will become a true reference center for textile innovation, high-end production, and the circular economy. It will also house a research and development center, enabling the integration of the most advanced technologies in terms of design, materials, and responsible production." All the expertise of the new CEO, Fauvet, will be needed to deploy this approach to the product, at a time when the brand has been confronted with delicate seasons in terms of sales to both French and international multi-brand customers.
Fashion Network
39 minutes ago
- Fashion Network
SMCP: Towards a resolution of the 15.5% capital dispute?
The incredible imbroglio surrounding the governance of French luxury brand group SMCP is drawing closer to a conclusion. On Friday, the group announced in a press release "that it has been informed that the Singapore High Court has today decided to order Dynamic Treasure Group Ltd (DTG) to return to European Topsoho S.à r.l. (ETS) the 15.5% stake in SMCP that was transferred to it in 2021". This restitution must be carried out within one week of the ruling. The wording may seem complex. But for SMCP's creditors, who have been united under the GLAS trustee since the beginning of this rocky affair pitting them against the family of the group's former Chinese owners, it could mean recovering the missing share of capital that "vanished" four years ago. At the time, European Topsoho, the 53% shareholder owned by Yafu Qiu, former chairman of SMCP's board of directors and head of the Chinese Shandong Ruyi group, had discreetly sold over 15% of the capital in the midst of a financial slump. An investigation revealed that these shares had become the property of a company called Dynamic Treasure Group, a holding company run by Chenran Qiu, daughter of Yafu Qiu. Since then, legal proceedings have multiplied. After a British High Court ruling on the case a year ago, followed by a victory for GLAS on appeal, the proceedings were transferred to Singapore, where the shares are held. This time, the Singapore decision is once again in favor of GLAS. However, DTG still has the option of appealing and thus postponing the return of these shares. Why are these legal issues important for a minority shareholding? Because GLAS brings together European Topsoho's creditors, who have been saying since the beginning of this affair that they don't want to be shareholders in a brand. They intend to sell their stake in the parent company of Sandro, Maje, Claudie Pierlot and Fursac, which generates annual sales of over €1 billion. The return of their 15.5% stake would enable them to move forward with a project to sell their 53% stake, while the group's market capitalization stands at 356 million euros, with a share price of 4.55 euros a few minutes before the close of trading on the Paris Bourse on July 4. While at its peak, the share price had flirted with 25 euros per share in 2019, it was recently closer to 2 euros and has rallied in recent months, up 23% since the start of the year. The end of the legal battle would therefore probably mean the start of a project to sell off the 53% stake. Financial backers, employees and partners of the French group are therefore keeping a close eye on the wording of DTG's potential appeal to Singapore. This article is an automatic translation. Click here to read the original article.
Fashion Network
40 minutes ago
- Fashion Network
Le Coq Sportif: Dan Mamane wins the match and chooses Alexandre Fauvet as CEO
Dan Mamane is not, of course, alone in building the project selected by the Paris court. He is backed by the Mirabaud Patrimoine Vivant investment fund, which in the past took a minority stake in Le Coq Sportif under the aegis of former French Minister of the Economy Renaud Dutreil. The brand will be entrusted to Alexandre Fauvet, a former Lacoste executive who was recently CEO and minority shareholder of premium alpine brand Fusalp. In a press release, the consortium also stated that the "project includes the support of the Japanese group Itochu, owner of the brand in Asia, as well as that of Udi Avshalom, a world-renowned sneaker expert and former COO of Adidas, who will take on the position of Global Brand Strategic Advisor." A large-scale partnership, but for what project? "The plan validated by the court aims to reposition Le Coq Sportif as a benchmark international brand in high-end sports and lifestyle. The ambition is to achieve sales of 300 million euros in 2030 (compared with 122 in 2023) and "a return to sustained profitability." To achieve this, the brand will "develop its offer, with a new segmentation around four universes: sportstyle, sport heritage, lifestyle chic and technical performance. Distribution will be rebalanced between the selective network, e-commerce, marketplaces, and affiliated stores. Internationally, the ambition is clear: to triple the share of sales outside France by 2027." "After some difficult years, Le Coq Sportif needs to regain its influence and desirability, and that's what our project is all about. It is based on strong convictions and the assets of this emblematic brand: a French brand, unique textile know-how, a precious territorial anchorage, and immense potential for reconquest," explained Mamane in the consortium's press release. "We will give back to Le Coq Sportif the means to innovate, to seduce world markets again and to assert itself as a reference of French style and sport." As rumors have suggested in recent weeks, the French industrial aspect seems to have weighed heavily. The buyer explains that the historic workshops in Romilly-sur-Seine, a few kilometers from Troyes, will play an important role in the strategy, which aims to bring together creative, industrial and strategic functions, whereas the company previously had major offices in the heart of Paris. The Romilly-sur-Seine site will become a true reference center for textile innovation, high-end production, and the circular economy. It will also house a research and development center, enabling the integration of the most advanced technologies in terms of design, materials, and responsible production." All the expertise of the new CEO, Fauvet, will be needed to deploy this approach to the product, at a time when the brand has been confronted with delicate seasons in terms of sales to both French and international multi-brand customers.
