Abandoned by its main partner, LVMH, French eyewear manufacturer Groupe Logo faces bankruptcy liquidation
Abandoned by its main partner, LVMH, French eyewear manufacturer Groupe Logo faces bankruptcy liquidation
On November 15,
Renaud Semerdjian, a lawyer at French eyewear manufacturer Groupe Logo, confirmed
The Commercial Court of Lyon, France, has ruled in bankruptcy liquidation of Groupe Logo.
Groupe Logo filed for bankruptcy protection in May of this year.
Cémo, a potential buyer, has abruptly suspended the acquisition negotiations between the two parties.
As a result, Groupe Logo eventually faced bankruptcy liquidation.
According to the report, the key player in the aborted acquisition is Swiss watch maker Tag Heuer.
Tag Heuer is one of Groupe Logo's main customers.
However, due to the latter's mismanagement, Tag Heuer announced that it would no longer renew its partnership with Groupe Logo from December 31, 2017.
Cémo declined to comment.
Tag Heuer's parent company, French luxury giant LVMH, also announced in September that
No longer renew the partnership with Groupe Logo for Fred eyewear products.
The cooperation agreement between Groupe Logo and the two LVMH Maisons was last updated in 2014.
(Above:
Tag Heuer official website currently has no eyeglasses for sale) Groupe Logo was founded in 1896,
Headquartered in Moretz, the heart of France's eyewear industry, Groupe Logo has been working with Tag Heuer and Fred for two decades.
At present, the current situation of the French eyewear industry is very sluggish.
(See the previous report of "Gorgeous Chronicles" for details:
The halo of "Made in France" fades,
The French eyewear industry is in a difficult situation. ”
In September, Renaud Semerdjian said that Tag Heuer and Fred's licensing business accounted for 97% of Groupe Logo's total turnover.
In 2015, the turnover totalled around 40 million euros.
He said that the withdrawal of the two brands from the partnership indirectly heralded the end of the Groupe Logo brand.
Tag Heuer said at the time that Groupe Logo's executive team and shareholders had mismanaged
Many of the most important customers (Salomon Eyewear, Land Rover, Naf Naf and Barbapapa) have already left.
A spokesperson for Tag Heuer said in September:
"We are not responsible for the current situation of Groupe Logo.
At the same time, we deplore this.
Until a few years ago, Groupe Logo managed dozens of licensed partner brands.
However, most of the current cooperative customers have ended their cooperation with the company. ”
Since 2012, Tag Heuer has taken the company's business very seriously.
After 2014 we decided not to renew the contract. ”
According to Renaud Semerdjian, about 172 French employees of Groupe Logo will face unemployment after the bankruptcy liquidation.
The company previously produced about 400,000 pairs of glasses per year.
Groupe Logo also employs around 450 people overseas.
(Source:
WWD official website) (Image source:
Pixabay free photo website, Tag Heuer official website) (Editor:
Liu Jun) This article is from Sohu Fashion, slightly modified,
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