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Translated by
Nicola Mira
Published
Apr 19, 2016
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Codentel acquired by Sophie Hallette

Translated by
Nicola Mira
Published
Apr 19, 2016

According to a press release by the Holesco group, which controls lacemaking specialist Sophie Hallette, the group will acquire the business of French Calais-based company Codentel, following a ruling by the Boulogne-sur-Mer trade court on Monday.


AFP


"The terms of Sophie Hallette's improved tender have convinced the court," Caudry-based company Sophie Hallette stated in a press release. The company has notably pledged to "keep [Codentel's] know-how and machinery" in Calais, to "safeguard 36 jobs" and to "invest €1.03 million."

According to current Codentel boss Franck Duhamel, in 2015 Codentel, a company with 46 employees, recorded a net loss of €850,000, with a revenue of €2.5 million (€3.6 million in 2014).

"The decrease in revenue was not due to a loss of clients, but to a reduction in the volume of their orders," he stated to the AFP news agency, indicating that the company generates the majority of its revenue through lingerie.

The Holesco group has 300 employees and recorded a revenue of €29.4 million in 2015. The group was in competition with Franck Duhamel himself and Chinese group Yongsheng.

Last Wednesday, French luxury fashion label Chanel announced the acquisition of a minority stake in family group Holesco, to "ensure the continued existence of the historic lace industry, the pride of the Calais and Caudry heritage," stated the group.

The court's decision "is very positively in line with this approach," enthused on Monday the President of Chanel's fashion business, Bruno Pavlovsky, in a press release.

On 31st March the same court decided to accept Yongsheng's tender for the acquisition of lacemaker Desseilles, which was on the verge of bankruptcy and was also coveted by Holesco, and which is notably a supplier to lingerie specialist La Perla.

At the time, the court regarded the Chinese group's tender as the most favourable in terms of job preservation, with 60 out of 74 jobs maintained.

With AFP

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