Façonnable in turmoil
The departure of Façonnable’s deputy managing director, Ludovic le Gourrierec, a few weeks ago did not bode well. In fact, Façonnable is floundering.
The Niçois brand, a holding of Lebanese company M1, has announced the suppression of 96 of 448 jobs, with 200 at its headquarters in Nice. That’s according to the Côte d’Azur-based site WebTimeMedias, which reported information that M1 has not exactly been shouting from the rooftops.
Façonnable, which M1 acquired in 2007, has recorded disastrous results, with a turnover of 47.2 million euros in 2013 and 30 million in losses.
The appointment of the former head of Saint Laurent’s men’s division was intended as a means of taking the brand more upmarket by offering a premium line alongside its historic casual line. While it was a success in terms of the brand’s image, as it became available in prestigious department stores, it clearly wasn’t a success from a business perspective.
Façonnable has long been struggling to develop a coherent strategy for at least the medium term. Now, according to WebTimeMedias, there are discussions regarding the possible merger of its two men’s lines, the elimination of its women’s line, the closures of stores and corners, etc.
Its Lebanese owner seems, however, to rule out any prospect of bankruptcy for a company for which it paid, according to the Niçois site, more than 150 million euros.
Significantly, M1 has now acquired Spanish company Pepe Jeans, which also controls British brand Hackett.
€1 = $1.06/£0.72
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