PARIS — Jean-Charles de Castelbajac has gone into receivership following the withdrawal of funds from its owner, The Sixth Swedish National Pension Fund, a spokesman for the fashion brand confirmed. Several suitors are in negotiation to buy a majority stake in Castelbajac, she added.
This story first appeared in the May 31, 2011 issue of WWD. Subscribe Today.
In a WWD story on May 13, designer Jean-Charles de Castelbajac said an unnamed buyer was in advanced negotiations to buy a majority stake in his namesake firm. Castelbajac said he also planned to acquire a minority stake, marking a return into ownership of the firm he founded in 1979 and whose creative direction he still heads.
The Sixth Swedish National Pension Fund — also known as The Sixth AP Fund — acquired a 52-percent stake in Castelbajac in November 2008 from Marchpole Holdings plc and purchased an additional 47 percent in 2009 from Swedish design firm Atlas Design Group. Atlas holds the remaining 1 percent.
Sixth AP Fund invested some 10 million euros, or $14.1 million at current exchange, in expansion efforts for the brand, appointing Atlas chairman Peter Wahlberg to run it. Under Wahlberg, the brand was split into two distinct collections, the main JC de Castelbajac line and the JCDC by JC de Castelbajac diffusion line, with the aim to reach a wider audience.
Known for his cartoonish, Pop Art-inspired creations and wacky fashion shows, Jean-Charles de Castelbajac’s iconic creations include the blanket coat and the teddy bear coat. Celebrity followers include Katy Perry and Lady Gaga.