PARIS — Beleaguered French retailer Vivarte continues to trim its portfolio. The group on Tuesday said it has entered exclusive negotiations to sell Chevignon to a trio of French investors made up of footwear distributor Groupe Royer and fashion and distribution specialists Stéphane Collaert and Thierry Le Guénic. The sale is expected to be completed in the first quarter of 2019.
Patrick Puy, president of Vivarte, said the sale would allow the group to “focus its manpower and financial resources on the long-term growth of its most profitable brands.”
Founded in 1979 and part of Vivarte’s portfolio since 2007, Chevignon is expected to generate sales of around 24 million euros this year, according to Vivarte. It counts around 175 points of sales internationally, including 60 on its home turf, as well as an e-shop, and employs a staff of 180.
The brand rose to prominence in the Eighties with its distressed aviator jackets and Togs Unlimited puffer jackets.
One of France’s largest clothing groups by sales, Vivarte has struggled to pay back about 1.5 billion euros in debt to four investment funds that serve as shareholders and lenders to the company. The group continues to restructure and has sold off its Naf Naf, Kookaï, André, Besson Chaussures and Pataugas brands in recent months, as reported.
The group employs 2,000 people internationally and counts more than 3,000 physical stores globally for its portfolio of five brands: La Halle, Minelli, San Marina, Cosmoparis and Caroll.
As part of its turnaround strategy, Vivarte in late August announced two executive appointments. Benoît de Roux was named financial director of the debt-stressed company, while Noël Moussali was named real estate director of the group and a member of the executive committee.