IKKS: France’s Economic Activities Court postpones its decision until December 12

IKKS employees will have to wait until December 12 to hear the decision of the Paris Economic Activities Court on the future of the French premium brand, according to a union source following the November 28 hearing.

The company, which by the end of 2024 had 550 outlets in nine countries, including 230 affiliated stores, and around 1,300 employees, was placed in receivership at the beginning of October, while its main owners, the US groups Avenue Capital, CarVal Investors, and Marathon Asset Management, had been seeking to sell the company for several months.

A dozen takeover bids had initially been put forward, notably by French retail players, who presented proposals for partial takeovers of assets, inventory, the store network, and staff. These offers have been refined and presented to employee representatives in recent days.

The field has also narrowed. The owner of The Kooples, Verdoso, has confirmed it has withdrawn its takeover offer. However, FashionNetwork.com has reviewed several improved bids.

For example, the bid led by Santiago Cucci, current chairman of HoldIKKS, and Michaël Benabou, co-founder of Veepee, has been significantly revised upwards: from retaining 141 points of sale, including 88 directly operated stores, and 391 direct jobs, to 219 points of sale to be taken over in France, comprising 92 directly operated stores, 27 Galeries Lafayette corners, and 100 affiliated stores. Their plan would retain 546 employees across the directly operated scope.

Faguo, which had focused on a highly targeted offer of 13 stores, has also increased its bid, proposing to take over 15 stores for a total of €200,000, and it would retain 30 jobs. It should be noted that the Brittany-based Beaumanoir group had initially backed Faguo’s bid to take over the IKKS group’s brands and five stores. The group is still in the running, but for the time being FashionNetwork.com has not been able to review an improved offer. This is also the case regarding the bids from Pimkie shareholder Amoniss, BCRI, the recent buyer of Café Coton, and AA Investments, which owns Bonne Gueule, L’Exception and Smallable.

On November 28, the Paris Economic Activities Court therefore set December 12 as the date for handing down its ruling.