Pimkie to be sold to Lee Cooper France, Kindy and Ibisler Tekstil
After searching for a buyer since spring, the women's fashion chain Pimkie has found its future owner. In fact it has found three of them: the Mulliez family has chosen to enter into exclusive negotiations with a consortium composed of jeans specialist Lee Cooper France, socks manufacturer Kindy and Turkish textile supplier Ibisler Tekstil, as said in a statement. The acquisition, of which the amount was not disclosed, should be finalized in early 2023.
On May 19, the Northern shareholder, the Mulliez family had announced to staff representatives that it had decided to part ways with the ailing brand, mainly because of the substantial investment required to turn the company around.
"Pimkie is a strong brand that relies on the quality of its teams and its experience of over 40 years. We believe in the brand's development potential and in the complementary nature of its know-how", says Salih Halassi, Kindy's chairman.
For the time being the buyers would take over the entire company, said an internal source to FashionNetwork.com. Subsequently, a possible restructuring will probably be implemented, adds the source, emphasizing that Lee Cooper France will hold the largest share of the company among the group of buyers. Moreover, Kindy's current director could become the fashion brand's new head.
Having opened more than 600 stores in the past, the company created in 1971 and based in Villeneuve d'Asq now relies on a network of 426 outlets, 311 of which are located in France, 37 in Germany and 26 in Spain. It achieved a turnover of 194 million euros in 2020, marked by the Covid-19 pandemic.
Since the beginning of 2022, Pimkie has been led by turnaround specialist Philippe Favre, after the departure of its CEO Yann Hinsinger at the end of 2021.
In 2018, the brand had already experienced a restructuring phase, causing the loss of more than 200 jobs, via a voluntary redundancy plan and the closure of 37 stores in France. It has also cut back on exports over the past two years, closing its Belgian, Austrian and Swiss subsidiaries, and switching its activities in Germany, Spain and Portugal to franchising.
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