PARIS – French lingerie company Etam Developpement will be delisted from the Paris stock market Wednesday, according to a filing with the French stock market regulator AMF.
The Milchior, Tarica and Lindemann families, which formed a shareholder pact in June, have joined forces to tackle a restructuring of the company. Under scrutiny are the ready-to-wear activity and operations in China, in light of the “necessary reorganization of these activities,” the Lindemann family said in June.
Last year, the company’s sales in China, which accounted for nearly 30 percent of the group total of 1.29 billion euros, fell 9 percent on a like-for-like basis. Etam said it would focus international development on lingerie, rather than rtw, with priorities being markets including Mexico, Chile and South Korea.
The 1 percent of Etam’s capital still not owned by the families will be purchased at 49.30 euros a share, according to the filing.
Trading of Etam shares have been suspended until the official withdrawal Wednesday.
Etam started out as a hosiery business, opening its first store in 1916. It celebrated its 100th anniversary with a live-streamed lingerie and swimwear show in Pompidou Center in central Paris last year, throwing a party afterward where French rapper Joey Starr performed.
Etam, which first expanded into China in the Nineties, was listed on the Paris stock market in 1997.