PARIS — The fate of Thierry Mugler’s fashion business will be decided June 11.
Pierre Milet, vice president of finance and administration at Groupe Clarins, owner of the Mugler brand, delivered the news during an analyst meeting here Friday. Milet said the possibilities include shuttering the Mugler fashion business altogether or selling the firm’s production facilities in Angers, France. Clarins has appointed French bank BNP Paribas to find a potential buyer for the factory, he said.
As reported, Clarins announced in December 2002 a proposal to shut the money-losing Mugler fashion business, whose sales in 2002 were down 17.5 percent to $31.6 million year-on-year. Dollar figures are converted from the euro at current exchange rates.
Clarins will, however, continue producing and marketing Thierry Mugler fragrances.
This story first appeared in the April 8, 2003 issue of WWD. Subscribe Today.