Sonia Rykiel has entered into administration
It comes after an eventful year
Overnight, it has been revealed that French fashion house Sonia Rykiel has entered into receivership.
According to WWD, the French courts have placed the brand under administration whilst it considers offers from potential buyers. Hong Kong investment group First Heritage Brands, the brand's owner, has until June to find a new owner. Last year (during which the brand celebrated its 50th anniversary), it raked in 35 million euros in sales but reported a loss of 20 million euros.
The news comes after Creative Director Julie de Libran left her role in March after five years and later accused the brand of announcing her departure from the label without consulting her. It was speculated soon after that a sale might be imminent following her departure.
Stay tuned to Buro. Middle East for more information as it becomes available.
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