French Fashion Brands Such As Naf Naf And Andr E Start Bankruptcy Reorganization Process.

In May 15th, the French fashion brand Naf Naf filed an application with Bobini commercial court to start the bankruptcy reorganization process.

Naf Naf was founded in 1973 by G e rard and Patrick Pariente two brothers. Its brand name was Influence, and later renamed Naf Naf. It is one of France's most popular fashion brands among young consumers. The brand was once a brand of Vivarte, a French fashion group. It was announced in 2018 that it would be bought by La Natsu Bell fashion Limited by Share Ltd of Shanghai.

While launching the bankruptcy reorganization process, Naf Naf is also actively seeking new buyers. Luc Mory, chief executive of Naf Naf, said in an interview with French financial media BFM Business that two companies have already proposed takeover intentions, namely, France's local fashion group Beaumanoir and Turkey Company Sy International.

Luc Mory revealed that she was more inclined to choose Sy International as the acquirer. "First, Sy International promised to retain the existing employees of Naf Naf 75%, and Beaumanoir only promised to retain 20% of the employees. Secondly, Sy International has been specializing in the field of product manufacturing, and has worked with the company for more than 30 years, considering the long-term strategic development. The combination of International's manufacturing capability and Naf Naf's existing sales network can improve the efficiency of our supply chain.

In addition to Naf Naf, the French shoe brand Andr ye also launched the bankruptcy reorganization process in April this year. Andr e was also a brand of Vivarte, and was bought by Spartoo, a shoe supplier.

Spartoo CEO Boris Saragaglia said, though Andr e brought about 100 million euros in revenue in 2019, but due to many objective reasons, the loss of the brand reached 10 million euros, and the overall passenger volume dropped by 20%~25%. In addition to the impact of the epidemic, Andr lost nearly 4 million euros in the 15 days of closing shop, "finally we decided to start the bankruptcy reorganization process".

In addition, Vivarte group's existing clothing brand La Halle has sought bankruptcy protection from the court and is seeking new acquirers.