French Fashion Brand Jennyfer Acquired by Beaumanoir Group and Celio
The acquisition ensures the retention of jobs and stores following Jennyfer's judicial liquidation.
The French women's ready-to-wear brand Jennyfer, which was placed in judicial liquidation at the end of April, has been acquired by the Beaumanoir Group, known for its brands including Bonobo, Cache Cache, and Caroll.
A court decision confirmed on Thursday that the acquisition will secure the jobs of 350 employees and the operations of 26 stores.
Following the acquisition, the brand Celio will also hire a portion of the workforce and take over seven additional stores, ensuring that more than one-third of Jennyfer's employees will remain employed.
The closure of Jennyfer was attributed to several factors, including surging costs, decreased purchasing power among consumers, shifts in the textile market, and increasing international competition.
In April, Jennyfer's management explained that these challenges rendered its business model unsustainable.
A total of eleven acquisition offers were submitted to the court, including proposals from Pimkie and Jules, but the judicial administrators deemed the offer from Beaumanoir and Celio to be the most advantageous for safeguarding jobs.
Founded in 1984, Jennyfer operated 220 stores in France and 80 internationally by mid-2024, generating approximately €250 million in annual revenue.
The liquidation proceedings in France do not impact its operations in Belgium.
Jennyfer entered judicial rehabilitation in June 2023 due to a "sudden rise in costs combined with rampant inflation" but reported a recovery within less than a year, aided by an initial investment of €15 million and a new shareholder.
The company had previously implemented a job preservation plan, leading to the elimination of 75 positions—60 at headquarters and 15 in warehouses—without closing any stores.
Jennyfer had attempted to revitalize its brand with a new identity, "Don’t Call Me Jennyfer," but this strategy failed to resonate with customers, leading the company to revert to its original name in 2024.
Jennyfer's new CEO, Yann Pasco, announced in April 2024 plans to maintain the core identity of the brand, which holds a 15% market share among the 10-14 age group.
He expressed intentions to broaden the target customer base to include the 15-19 and 20-24 age brackets.
However, despite various measures taken during the judicial recovery process, the court in Bobigny noted that the group was unable to meet the objectives set forth.
Upon the announcement of the judicial liquidation, CGT Secretary General Sophie Binet highlighted the significant social impact of the closure, particularly affecting female employees, and criticized the lack of a strategic approach to address the economic situation in the ready-to-wear sector.
A court decision confirmed on Thursday that the acquisition will secure the jobs of 350 employees and the operations of 26 stores.
Following the acquisition, the brand Celio will also hire a portion of the workforce and take over seven additional stores, ensuring that more than one-third of Jennyfer's employees will remain employed.
The closure of Jennyfer was attributed to several factors, including surging costs, decreased purchasing power among consumers, shifts in the textile market, and increasing international competition.
In April, Jennyfer's management explained that these challenges rendered its business model unsustainable.
A total of eleven acquisition offers were submitted to the court, including proposals from Pimkie and Jules, but the judicial administrators deemed the offer from Beaumanoir and Celio to be the most advantageous for safeguarding jobs.
Founded in 1984, Jennyfer operated 220 stores in France and 80 internationally by mid-2024, generating approximately €250 million in annual revenue.
The liquidation proceedings in France do not impact its operations in Belgium.
Jennyfer entered judicial rehabilitation in June 2023 due to a "sudden rise in costs combined with rampant inflation" but reported a recovery within less than a year, aided by an initial investment of €15 million and a new shareholder.
The company had previously implemented a job preservation plan, leading to the elimination of 75 positions—60 at headquarters and 15 in warehouses—without closing any stores.
Jennyfer had attempted to revitalize its brand with a new identity, "Don’t Call Me Jennyfer," but this strategy failed to resonate with customers, leading the company to revert to its original name in 2024.
Jennyfer's new CEO, Yann Pasco, announced in April 2024 plans to maintain the core identity of the brand, which holds a 15% market share among the 10-14 age group.
He expressed intentions to broaden the target customer base to include the 15-19 and 20-24 age brackets.
However, despite various measures taken during the judicial recovery process, the court in Bobigny noted that the group was unable to meet the objectives set forth.
Upon the announcement of the judicial liquidation, CGT Secretary General Sophie Binet highlighted the significant social impact of the closure, particularly affecting female employees, and criticized the lack of a strategic approach to address the economic situation in the ready-to-wear sector.
