PARIS — French lingerie brand Monette, created with ex-Lejaby lingerie workers, is to be acquired by a Luxemburg-based manufacturer Seven Fashion, according to the label’s founder Assya Hiridjee, a former designer for intimates firm Princesse Tam Tam.
The company was recently forced into bankruptcy and the Paris commercial court gave its approval to the acquisition on Monday by Seven Fashion president Adrian Diaconu for 120,000 euros or $166,912 at current exchange rates, which includes all assets and 42 employees, Hiridjee told WWD.
The company is to resume operations in the next days and is to remain based in France, Hiridjee noted.
Monette specializes in high-end lingerie, mostly made with silk. Collections include pieces named after Parisian landmarks such as Pont des Arts, Lutetia and Café de Flore.
The development comes after Les Atelières, an association of ex-Lejaby lingerie workers who set up their own plant in late 2012, announced early March it will be forced into bankruptcy before the end of the month if it does not receive 800,000 euros, or $1.1 million at current exchange, in funding.
The cooperative company had received promises of funding from as well as support from an industry keen to support French manufacturing. A general assembly is set for Friday.