French shoe retailer André is looking for options to save its business.
In France, options are being discussed for preserving the business of the historic shoe retailer André, which has been under external administration since April of this year.
The Breton group Beaumanoir, owner of Sarenza, which previously acquired Naf Naf, Jennyfer and La Halle, is ready to acquire all André brands, as well as their domain names, for 500,000 euros.
The second proposal came from the current head of the company that owns André, Belgian businessman Karim Redial. He is willing to retain six of the most profitable stores, two "corners," and ten employees (eight in stores and two at headquarters) through a new subsidiary.
Karim Redyal acquired André in 2023, signing 119 employment contracts worth €701,000. He planned to revitalize the business by modernizing stores and reducing costs.
Despite "investments of over €6 million," André faced "a weak economic situation" and "rising rents." At the end of April, the retailer was placed under court-ordered administration, the third time in five years.
Founded in 1896, André is a historic brand. At its peak, the André chain boasted 146 stores, and pre-pandemic 2019, it boasted approximately 55 stores in various cities across France and on key shopping streets in Paris, generating revenue of €100 million.
The French fashion industry is experiencing a profound crisis triggered by the COVID-19 pandemic. Companies are struggling to withstand rampant inflation and competition from Asian online retailers like Shein.
In France, options are being discussed for preserving the business of the historic shoe retailer André, which has been under external…
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