The brand, founded in 2010 by Mathieu and Nicolas Gourdikian, who retain a minority stake, has faced a succession of crises that now threaten its very existence. The challenge is no longer simply to finance growth, but to ensure operational survival.
According to documents reviewed by FashionNetwork.com, JOTT’s commercial engine has stalled, leaving the brand with large volumes of stock to clear, eroding its brand image despite significant work on its stylistic proposition. For several seasons, substantial volumes of its down jackets have been offered at knock-down prices, and even sold off on markets.
After a sharp decline in activity at its logistics and distribution company JOTT Opérations in 2023, revenue collapsed again last year by more than 28% to 54.7 million euros. The company attributes this dramatic fall directly to the bankruptcy of its logistics provider at the beginning of 2024- an event that necessitated the urgent relocation of stock and a complex recovery of operations.
The cost of this logistical setback contributed to a deficit of 30 million euros at JOTT Opérations and an operating loss of more than 4 million euros for JOTT France, the company’s own distribution entity. The activities of entities in other markets are also suffering, implying that it remains to be proven that the brand concept can be exported profitably.
Faced with these accumulated losses, the operational companies’ equity turned negative, weakening the company’s structure just as significant instalments were falling due. In 2024, shareholder support helped address this situation, with 18 million euros injected in two tranches. However, this appears to have merely contained the damage, without preventing the massive depreciation of the group’s assets.
Thus, in 2025, the rescue plan faced an impossible equation: operating losses had made the enormous debt contracted at the time of the LBO unsustainable. Specifically, this debt- concentrated in a holding company called Jaguar Bidco- amounts to nearly 156 million euros. Negotiations with creditors, in particular Idinvest Partners and Eurazeo, were, understandably, extremely tight. The shareholder recapitalisation, approved last April, is clearly a vital step forward for the future of JOTT.
A tight agreement with creditors
This 99 million euro injection is not merely about plugging an accounting gap; it is an essential condition demanded by the company’s bondholders to give the business breathing space. In exchange for this major financial effort, creditors have agreed to pause certain financial obligations through a mechanism known as a waiver. However, this breathing space is not a blank cheque. In return for their patience, the creditors attached particularly strict covenants to the agreement. These contractual commitments oblige the company’s management to meet performance ratios quarter after quarter. For the brand, this means advancing under close scrutiny: any failure to meet the trajectory could break the waiver agreement and give creditors the right to demand immediate repayment of their claims, or even to take control of the equity.
If management keeps its commitments, this translates into crucial relief for cash flow: the suspension of interest payments on the debt until the end of 2027, turning immediate cash pressure into future debt. This should enable JOTT to concentrate its resources on the only thing that matters now: selling products.
This reprieve, coupled with agreements with banking partners, gives management, now led by Thierry Miremont, a two-year window to reinvent JOTT’s business model. According to the available information, the strategic plan includes an in-depth transformation of retail.
This transformation involves a painful but necessary rationalisation: the company has already begun closing shops deemed unprofitable, notably in Paris and Bordeaux and across various European markets. At the same time, JOTT is betting on technological modernisation to regain efficiency, accelerating the roll-out of performance initiatives such as an automatic replenishment tool, according to the company’s management. As the brand seeks to increase its share of full-price products, investment appears key: it must ensure that stock- already subject to significant write-downs- is managed as tightly as possible to reduce product obsolescence and maximise margins. One piece of good news? Despite the difficulties, the tax audits carried out in 2024 on Jaguar Topco, the ultimate parent company, and JOTT France concluded without any reassessments in 2025.
The challenge, however, is considerable. The company will have to return rapidly to profitability- probably requiring an annual improvement of several tens of millions of euros- in order to make up the deficit. It will also have to prove to its partners the group’s future viability. Without this operational performance, the brand will not be able to cope with the resumption of debt repayments in 2028.
Management did not wish to answer our questions about the company’s situation. Nevertheless, its teams are hard at work optimising store performance (with a network that has already shrunk to 140 points of sale), strengthening the desirability of the collections and attracting new retailers, notably by preparing to exhibit at the Pitti Uomo trade fair in Florence and Who’s Next in Paris. But despite this operational proactivity, the challenge remains major: to turn the brand around by making it more agile and efficient within a compressed timeframe and against an unfavourable backdrop in both the French and international markets.
This article is an automatic translation. Click here to read the original article.
After two months of operating a Portuguese pop-up at Amoreiras Shopping Center in Lisbon, Granado, Brazil’s heritage perfumery and personal care house, has confirmed in a statement that the temporary space will remain open for six months, noting that this presence underscores its international expansion.
Granado
Granado began by launching a pop-up at El Corte Inglés, then invested in this kiosk, which opened on October 20, as part of a project to create a tropical oasis in the heart of one of the Portuguese capital’s most emblematic shopping centres, inviting visitors to immerse themselves in the world of luxury fragrances.
The pop-up showcases a little of almost everything the brand offers, from eau de parfum, eau de toilette, eau de cologne, soaps, perfumes, a home fragrance range, and coffrets ideal for Christmas.
Granado Pharmácias, founded in 1870 in Rio de Janeiro by the Portuguese José Antonio Coxito Granado, drew on empirical knowledge of botany and pharmacy to create remedies and hygiene products using plants from Brazil’s biodiversity. The brand stays true to this DNA and maintains a strong physical presence in Lisbon.
Since 2017, Granado has been bringing its carioca spirit to European capitals and leading retailers in Portugal, France and the UK, and sells online throughout Europe via its official website at Granado.eu.
The store in central Lisbon is at 98 Rua Garrett, in Chiado; and the one in the heart of Porto is at 354-360 Rua de Cedofeita. In Paris, it has stores at 21 Rue Bonaparte, in Saint-Germain-des-Prés; 11 Rue des Francs Bourgeois, in the Marais; 4 Rue du Marché Saint-Honoré; and in major Parisian department stores such as Galeries Lafayette, Samaritaine, and BHV. In London, it can be found at 44 Floral Street, in Covent Garden; and 59 King’s Road, in Chelsea; as well as in selected department stores, such as Liberty of London. It is also present in Brussels, at INNO.
In the US, it has its own stores in New York at 611 Madison Avenue; at 51 Prince Street in SoHo; and at Aventura Mall, Florida, among others. Not to mention the more than 100 standalone stores across Brazil.
This article is an automatic translation. Click here to read the original article.
Swiss watch exports fell for a fourth month as companies waited for the US agreement to ease punitive import tariffs to take effect.
A watch by Tag Heuer – DMR/Tag Heuer
Exports dropped 7.3% in November from a year earlier, the Federation of the Swiss Watch Industry said Thursday, the most since August when President Donald Trump’s administration slapped a 39% levy on Switzerland’s products. Exports to the US, the industry’s biggest market, fell 52% last month.
Manufacturers of watches, machines, and precision instruments were among sectors hit hardest by the US trade tariffs on Switzerland, according to the country’s central bank. A deal to reduce the levy to 15% finally came on November 14, but companies only found out in December that the lower tariffs would be backdated to the day the agreement was announced.
Watch exports are likely to pick up in the coming months as the tariff deal reassures companies, Citigroup analyst Thomas Chauvet said in a note.
Still, Switzerland’s overall exports to the US rose in November, underscoring the challenging backdrop facing the watch sector. The 15% import levy is still higher than the 2% faced by companies before Trump’s trade measures.
Shares of both Richemont and Swatch Group AG slipped in early Zurich trading. Overall, exports were down in almost all price bands, and in every material, the Federation of the Swiss Watch Industry said.
Exports to Japan dropped, while the picture also turned negative in China after two months of growth. That’s dampening hopes for a recovery in luxury demand in the country, especially given its recent slow retail sales growth.
“The luxury watch sector enters 2026 with mixed fundamentals,” Vontobel analyst Jean-Philippe Bertschy said in a note. Asia comparisons will ease, he said, “but the US remains unpredictable, and discretionary spending in Europe is showing fatigue.”
Intimates and swim specialist Bravissimo Limited has filed its accounts for the period to the end of March and they showed much higher sales. However, it’s hard to get a clear picture of just how the company is faring.
Bravissimo
The UK-based company is part of Bravissimo Group Limited, which acts as its holding entity, as well as being the holding company for the US arm of the business.
That parent company was wholly acquired by Wacoal Europe Ltd partway through the period in late September last year. But the firm’s year-end date was changed to 31 March from 31 October at that point, which means the current period is 17 months against 12 months the ‘year’ before.
But with that in mind, its’s still worth looking at the figures for the UK operation.
For the 17 months reported, the company’s revenue was £79.3 million. For the comparison period (the 12 months to the end of October 2023) it was £57.6 million. Gross profit in the latest period was £49 million compared to £36.2 million for the shorter period previously. The gross profit margin for the most recent extra long ‘year’ was 61.8% compared to 6.2% in the previous year. That’s because the elongated period included two autumn seasons and autumn and winter sales typically have lower margins due to fewer swimwear pieces being shifted (swimwear has higher margins).
But the company said that despite the challenging inflationary environment cost were well controlled and the reported operating profit for the 17 months was £1.4 million. Had the firm being reporting its financial year as it did previously, that figure would have been £2.6 million, up from £2.5 million the year before.
Bravissimo also said that it had more active customers at the end of the latest period compared to the previous year and its website traffic was up as well, although retail store footfall dropped slightly. The website conversion rate edged upwards and the retail conversion rate was broadly stable.
In the previous year, the company said it had fully recovered from the effects of the pandemic, but it’s likely that the current year will feature worse results than those just filed.
In June 2025, the company said a warehouse fire meant disruption and delays to supply chains for its online customers. The fire was quickly extinguished, but the disruptions involving having to find temporary storage facilities. The brand stopped accepting orders online or over the phone until the issue was resolved.
It only reported being back online in late September but at least it said the business saw a 70% year-on-year rise in total sales on the day of its relaunch. Lingerie sales alone were up 90% compared to the same day last year.
Politics8 years ago