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French Clergerie filed for bankruptcy proceedings
The relaunch of Clergerie's business under the new parent company French Legacy Group in 2020 was not realized due to the consequences of the pandemic and the conflict in Ukraine, and the French luxury brand found itself in a situation of bankruptcy, writes WWD.
“The situation in the Clergerie Group at the time of our takeover was very fragile, and the impact of the pandemic and the situation in Ukraine was a double shock. We hit a wall due to reduced traffic in stores, increased lead times and delays in deliveries from suppliers,” said French Legacy Group (FLG) President Jerome Espinos.
Founded in 1981, the brand was sold in 2011 by designer and founder Robert Clégerie to First Heritage Brands, a Hong Kong-based Fung family investment fund. In 2020, Clergerie Group was sold to the French Legacy Group, which is part of the Swiss company Mirabaud Asset Management and its subsidiary Mirabaud Patrimonie Vivant.
Espinos, who spent 10 years at Ralph Lauren as head of footwear and accessories at Ralph Lauren before he took over FLG, saw Clergerie's future in conquering Asia and counting on the value of the "Made in France" label. In 2021, the company opened two separate stores in Tokyo, as well as a boutique in Beijing, with plans to increase branded retail to 2022 branded stores worldwide by the end of 25. But problems with supply chains, especially in China, prevented them from being implemented. Now the manager hopes to find new investors to restart the brand.
On March 29, the shoe brand sued for protection. The appointed judge will have six months to find a buyer for the troubled brand. The legal process will not affect the conduct of business around the world while Clergerie is looking for a new investor.
Clergerie owns a factory in France in Romans-sur-Isère, which employs 60 craftsmen, the brand's brand retail is represented by 13 stores in France, Brussels, Geneva, Switzerland, Los Angeles, London, Madrid, New York and Tokyo. The brand is also present in key department stores around the world. At the moment, it is expected that 150 Clergerie employees working around the world will not be affected.
The relaunch of the Clergerie business under new parent company French Legacy Group in 2020 was not realized due to the effects of the pandemic and the conflict in Ukraine, b the French luxury…
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