BERLIN — The German state of Bavaria has agreed to grant financial aid to the struggling Quelle catalogue business, a subsidiary of the insolvent Arcandor Group.
In a meeting of the Bavarian cabinet late Thursday, Bavaria agreed to contribute 21 million euros, or $29.2 million, to a planned government guarantee of 50 million euros, or $69.5 million. Quelle is based in the northern Bavarian city of Fürth.
Quelle’s extremely precarious financial situation became apparent Thursday at the first press conference given by Arcandor’s temporary appointed insolvency administrator, Klaus Hubert Görg. He called Quelle’s situation “extremely complex” after Valovis Bank AG cut off factoring for the mail-order unit.
The company currently lacks the funds to print its fall-winter catalogue and to secure orders. Bavaria’s 21 million euros, or $29.3 million at current exchange, would cover the catalogue costs.
According to Görg, Arcandor’s Karstadt department store division, on the other hand, is sufficiently liquid to finance its summer and fall-winter business. He further noted June’s department store sales were ahead of last year’s and also ahead of plan. Figures are not available, as Arcandor for the third time postponed publication of its second-quarter results, which were due Thursday.
Etro’s show, titled “The Tree of Life,” was a celebration of the house’s 50th anniversary. “My father founded the company in 1968, which was the year of counterculture and psychedelia. It’s really a show that celebrates that and the paisley design of India and its origin,” said Veronica Etro. #wwdfashion #mfw #ss18 (📷: @delphineachard)
For @msgm’s spring 2018 show, creative director @massimogiorgetti said “Words, sounds, colors. Synthesis and therapy of a collection,” were the inspirations behind the collection, showing today. Read the rest of Milan spring 2018 inspirations on WWD.com. #mfw #wwdfashion #ss18
For her first solo album in over 10 years, Fergie tapped Carine Roitfeld, Mert and Marcus, Giovanni Bianco and more to create a fashion-focused video approach for the record, Double Dutchess. "Giovanni really helped me get back in touch with my tomboy side, my hardside," said the singer. #wwdeye #wwdfashion ( : @slovekinpics)
“Volumes and Graphic Art of the Nineties are the main inspirations of the new Aquilano.Rimondi SS 2018 collection,” said cocreative directors Tommaso Aquilano and Roberto Rimondi. #wwdfashion #mfw #ss18