Carven files for bankruptcy
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Carven isn't in the money. The Paris-based brand and its parent company Société Bérange have filed a voluntary petition with the Commercial Court in Paris placing it in receivership. The motion mirrors the equivalent to chapter 11 bankruptcy here in the United States.
In 2016 Carven sold a majority of its stake to Hong Kong's Blue Bell Group and it is held by a total of eight shareholders. The company is working on a plan to reorganize and payback their creditors. In a statement, a spokesman for Carven said the company, which generates 23.5 million dollars in revenue, suffered a several million dollar setback due to delays in production of their spring/summer 2018 collection.
Since the departure of creative director Guillame Henry in 2014, who transformed the French fashion house into a contemporary label, it has been a bumpy ride for the brand. They have managed to stay relevant by hiring designers like Alexis Martial and Adrien Caillaudaud who were co-creative directors for two years, and Serge Ruffieux who is the current creative director of the brand. However, relevance and headlines doesn't always translate into sales. Over the past several years Carven has gone through cessation of payment, put an end to its menswear line, and even closed its New York store, which was its first store outside of Paris.
As a result of their trials and tribulations, Carven is currently looking for a buyer. It has not been reported which of their shareholders is trying to jump ship.
FashionUnited has reached out to Carven for further comment and will follow up.
photo: via Carven.com