Leading French fashion labels Sandro, Maje and Claudie Pierlot as well as French lacemaker Desseilles are set to be taken over by Chinese firms, in two deals that signal a growing Chinese presence in the French fashion industry, reports FRANCE 24.
Sandro, Maje and Claudie Pierlot’s parent company SMCP announced late on Thursday March 31 an exclusivity deal with Chinese textiles giant Shandong Ruyi Technology Group to acquire a majority holding.
SMCP founders Evelyne Chetrite and Judith Milgrom will remain minority shareholders if the deal goes through, as will their management team and the US investment fund KKR, which acquired 65 percent of the company in 2013.
Pledging to keep SMCP’s headquarters in Paris, Shandong Ruyi said in a statement that it was investing in SMCP "with the ambition to drive further growth and support the company's global development, including in Asia.”
Hot on the heels of SMCP’s deal with Shandong Ruyi, lacemaker Desseilles said on Friday that it too was being acquired by a Chinese company, Yongsheng.
Desseilles said it had chosen Yongsheng's bid from three companies in the running because it has promised to maintain the jobs of 60 of the firm's 74 employees for at least three years.
Yongsheng also made a commitment to keep the Desseilles factory in the northern port city of Calais, which has a strong tradition of lacemaking but has been suffering economically, for at least five years.