On Thursday December 12, the Paris commercial court decided on the future of French premium ready-to-wear retailer IKKS. At the end of a receivership procedure involving several purchasing bids for IKKS, the court has approved the offer by Santiago Cucci, who was named president of the group’s holding company HoldIKKS last year, and Michaël Benabou, co-founder of event sales site Veepee.
Inside an IKKS store – IKKS
The court’s decision has put an end to months of uncertainty for IKKS’s employees. According to figures drawn up by the receivers at the end of August, the group’s staff numbered 1,287 worldwide, 1,094 of them in France. At the time, the group had 473 stores between France and 11 other countries, plus headquarters in the town of Saint-Macaire-en-Mauges and offices in Paris.
IKKS gave a design make-over to its collections in summer, and in September it applied for receivership, after the group’s main shareholders, US investment funds Avenue Capital, CarVal Investors and Marathon Asset Management, expressed their wish to sell the company.
The IKKS group, which operates the eponymous brand as well as One Step and ICode, is still a leading international ready-to-wear retailer in the premium segment, operating several hundred retail outlets (between directly owned and franchised stores, and concessions) in nine countries. The path to new ownership has been complex, since the group was split in several entities, and none of the purchasing bids referred to the group as a whole.
The winning bid’s details
Cucci and Benabou have convinced the court after recently revising their bid upwards. Initially, the bid related to 141 stores, 88 of them directly owned, and 391 company employees.
The deal was clinched after the bid was extended to include 219 stores in France: 92 of them directly owned, 100 franchised, plus 27 Galeries Lafayette concessions. The employees associated to the directly owned stores are 546.
Benabou and Cucci, a former senior executive at Levi’s and a strategic advisor to G-Star, have taken over the IKKS business and are planning to operate a more streamlined store fleet. They will focus on womenswear and menswear, while childrenswear has been put on hold.
The dossiers given to prospective buyers indicated that the IKKS brand accounted for 80% of the group’s revenue, that 64% of its revenue was generated by womenswear, 21% by childrenswear, and 15% by menswear. When the company applied for receivership, direct retail accounted for 77% of revenue, e-commerce (both B2B and B2C) for 20%, and the remaining 3% was generated through the wholesale channel.
Rejected bids
The bid by sustainable fashion brand Faguo, which had been revised to include 15 stores and 30 jobs, was rejected. French group Beaumanoir (which owns womenswear brands Morgan and Caroll) had teamed up with Faguo, offering €1 million to buy the IKKS brand name and some of the stores.
Another rejected bid was put forward by Salih Halassi’s company Amoniss, a shareholder in Pimkie which recently acquired Christine Laure and Chevignon. It initially bid for a minimum of 168 stores and 393 employees.
BCRI Holding, which recently bought Café Coton, initially offered to buy 67 stores with a total of 426 employees. While AA Investments (owner of Smallable, L’Exception and Bonne Gueule) was interested in IKKS’s intangible assets. Verdoso, new owner of The Kooples, withdrew its bid before the November 28 hearing.
Since none of the bids related to the Icode and One Step brands, and to IKKS childrenswear, some of the latter’s stores in France have now closed. The new owners are therefore concentrating on the IKKS brand, out of a group fleet that had 550 stores as of the end of 2024, though streamlining measures started in H1 this year.
The brand’s employees are now hoping IKKS will be able to regain momentum as a recognised name in the premium ready-to-wear segment.
Lingerie brand Triumph is accelerating its commitment to product transparency with the wider-scale rollout of its Digital Product Passport (DPP).
Triumph
Following its pilot launch last year, Triumph is continuing to expand the initiative with 20% of its European product assortment now featuring a DPP, with plans to extend this further across additional collections in the coming years.
Highlighting detailed information on sourcing, fabrics, supply chain, certifications and factory partners, the DPP offers customers a transparent view into the production of each garment.
Customers can follow an integrated link to explore the full journey of their chosen product, from fabric specifications to the factories where each component is produced.
Vera Galarza, Triumph’s Global head of Sustainability, said: “A bra is a complex product. From different lace colours sourced across multiple countries to the intricate design elements, every component requires thoughtful consideration. The Digital Product Passport empowers consumers to understand the full journey behind their purchase. We continue to find new ways to increase awareness of product provenance, and the expansion of this programme is a crucial step toward responsible and transparent practices across our supply chain.
“This continued expansion aligns with Triumph’s longstanding values: creating high-quality products that stand against fashion-fashion culture. By equipping customers with greater information and visibility, Triumph encourages more mindful consumption and strengthens the emotional connection consumers have with their lingerie.”
The ever-growing premium fashion brand Me+Em has opened its first boutique in Yorkshire, choosing Harrogate’s town centre Prospect Crescent for the new 1,300 sq ft space housed in a Grade II–listed former bank.
Me+Em
In keeping with the “global Me+Em design”, the Harrogate store features traditional English furniture mixed with modern design elements such as neutral-toned soft furnishings in fabrics by London-based designer Rose Uniacke.
The colour scheme for the “immersive space” is based on a rich forest green, a nod to the nearby Yorkshire Dales.
Large-scale haberdashery fixtures are used to showcase accessories and wardrobe staples, while bespoke bronze rails display curated product edits from the seasonal monthly collections.
Founded in 2009 by Clare Hornby, Me+Em’s ethos is that women “shouldn’t have to choose between quality and cost” while based on ‘intelligent style’ with a focus on “ensuring pieces are both flattering and functional, with a wear-forever appeal”.
The move into Yorkshire marks the latest chapter in Me+Em’s expansion, with the Harrogate store joining seven boutiques in London, including Marylebone High Street, King’s Road, Chelsea, Brook Street, Mayfair, Elizabeth Street Belgravia and at Battersea Power Station, plus stores in Manchester, Edinburgh. It’s the first UK store not in a major city. Internationally, the brand has two New York stores, plus Dallas Greenwich, Connecticut, and a soon-to-be-added Beverly Hills, California debut.
Lastest results filed last January showed the business to be progressing strongly. Group revenue increased by 24% to £147.9 million, driven by the success of its international business where revenues increased 50%. Gross profit was up 24% to £82.3 million with an improvement in margin to 56% from 55%.
Copenhagen-based fashion house Ganni has announced the appointment of three executives to key roles: Marcelo Noschese as president, Americas; Marie Valot as director of communications and public relations; and Guillaume Dacquet as director of marketing and image. All three will report directly to Ganni’s chief executive, Laura du Rusquec, and will work closely with the Executive Committee.
Marie Valot, Director of Communications and Public Relations, and Guillaume Dacquet, Director of Marketing and Image. – DR
Based in New York, Marcelo Noschese will be responsible for Ganni’s retail, wholesale, and e-commerce operations across the Americas. He has held senior leadership roles at houses including Prada, Louis Vuitton, and Ferragamo. Prior to joining Ganni, he was CEO of Prada Americas, overseeing operations in the US, Canada, and Latin America.
Marie Valot joins Ganni as director of communications and public relations. She has more than 15 years’ experience in brand communications, VIP and influencer strategies, and international partnerships. She previously led international communications for Balmain, Nina Ricci, and KCD Paris, where she spearheaded global campaigns, media strategies, and cross-functional projects.
Guillaume Dacquet has been appointed director of marketing and image. He joins Ganni from Estée Lauder Companies, where he worked on international rebranding initiatives and long-term communications platforms. He has also held roles within LVMH Beauty, notably for the Dior, Guerlain, Givenchy, Fresh, and Stella McCartney brands, in positions spanning strategic planning, consumer research, and innovation.
These three appointments form part of efforts to strengthen Ganni’s global organisation. According to Laura du Rusquec, the company’s chief executive, these hires are intended to support the implementation of the company’s long-term global vision.
Founded in Copenhagen in 2000, Ganni is a contemporary fashion house stocked by numerous international retailers and operating boutiques in Europe, the US, and Asia. A certified B Corp, the company publishes an annual responsibility report and develops initiatives focused on innovation, notably through its ‘Fabrics of the Future’ programme and projects related to the circular economy. L Catterton acquired a majority stake in the company in 2017.
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