A consortium made up of global lingerie manufacturers has made a bid to save Noyon, one of France’s last remaining producers of Calais lace.
The consortium, consisting of Van de Velde, La Perla, MAS Holdings – Noyon’s Sri Lanka partner and the majority owner of Ultimo – and Etam, would own 80% of the company if the bid is accepted.
Noyon, a family business, has produced Calais lace for lingerie and corsetry manufactures since 1919.
But the company has been in financial distress for years. It filed for bankruptcy in 2008 and managed to relaunch afterwards, although its turnover dwindled and its debt rose.
Two years ago, it made EUR18.3 million turnover, but now it is down to EUR13.5 million and it also carries a EUR7 million debt, reports Retail Detail.
The company was forced to file for bankruptcy again in September 2016.
If the takeover went ahead, the acquisition would include all equipment and stock, as well as the continued employment of 170 associates under a new company, Noyon Dentelle.
Boulogne-sur-Mer’s commercial court will examine the bid, which has been backed by Noyon’s board.
Noyon declined to make an official comment on the matter when contacted by Lingerie Insight but said it would make a statement next week.