Mid-year review: The most important fashion news of 2024 so far

The first half of 2024 is over, and there have been enough noteworthy events to take a moment to review them. Here are some key moments in summary.

January 10, 2024
Makro Belgium Bankruptcy
On January 10, the bankruptcy of parent company Makro Cash & Carry Belgium was officially declared. In mid-September, Makro Cash & Carry Belgium received protection from creditors from the Antwerp commercial court, followed by a procedure to sell the retail chain in whole or in parts. The 11 Metro stores (hospitality wholesalers) were taken over, but the six Makro stores closed their doors.

January 29, 2024
Iconic Berlin department store KaDeWe files for bankruptcy
The luxury Berlin department store Kaufhaus Des Westens (KaDeWe) filed for bankruptcy. The future of the two other department stores in the KaDeWe group, Alsterhaus in Hamburg and Oberpollinger in Munich, is also uncertain.

February 5, 2024
Authentic Brands Group Reorganizes Ted Baker’s European Activities
Authentic Brands Group terminated its partnership with retail company AARC in February 2024. AARC was responsible for operating Ted Baker stores and the brand’s e-commerce platform in the UK and Europe. Authentic Brands Group provided a short-term loan to AARC to help the company through ‘recent financial difficulties.’ However, the company failed to inject the promised financing. Consequently, AARC could not meet its financial obligations, leading to the bankruptcy declaration of Ted Baker Netherlands BV on July 3.

February 27, 2024
Unlimited Footwear Group Files for Bankruptcy
At the end of February, Dutch footwear company Unlimited Footwear Group B.V. applied for suspension of payments. Although creditors were to decide on May 14 whether they agreed with Unlimited Footwear Group’s plan, the company was declared bankrupt on February 27. Several subsidiaries, including Unlimited Footwear Midco B.V., Trend Design Shoe Fashion B.V., Shoes Unlimited B.V., Bullboxer B.V., Oakland Bay B.V., Huntington Beach B.V., Next Level Brands B.V., Unlimited Footwear Holding B.V., Hawick 1874 B.V., Serve&Volley Footwear B.V., Star Collections B.V., Newport Footwear B.V., were also declared bankrupt.

According to the curator, the cause of the bankruptcy was the withdrawal of the company’s credits, which were not restored by banks. Additionally, Unlimited Footwear Group had been incurring millions in losses for years. The company did not make a restart.

Nubikk B.V. Buys Back All Shares After Unlimited Footwear Group’s Bankruptcy
Shoe brand Nubikk bought back all shares after Unlimited Footwear Group was declared bankrupt on February 27. Nubikk announced in a press release on March 4 that it acquired full ownership due to ‘the company’s financial health and successful growth.’

Rehab Footwear Makes a Fresh Start, Continues Independently Under Founder
Rehab Footwear continued independently after twelve years of being part of Unlimited Footwear Group. Following the bankruptcy of UFG, Rehab was declared bankrupt on March 5 but is now being continued by Rehab founder Jaco Flach, as stated in a press release obtained by FashionUnited.

Bullboxer brand sold to Theo Henkelman Footwear
Unlimited Footwear Group’s (UFG) portfolio continues to be broken up. Following the new owners for Nubikk and Rehab Footwear, Bullboxer has also found a new owner in Theo Henkelman Footwear BV, as per a press release. The financial details of the acquisition were not disclosed.

Björn Borg takes over footwear activities after UFG Bankruptcy
Fashion brand Björn Borg integrates its footwear activities back into the company, taking over the design, development, and distribution of shoes for all markets.

February 27, 2024
Omoda Acquires Van den Assem
At the end of February, a significant acquisition in the Dutch retail sector was announced. Shoe retailer Van den Assem has been under Omoda’s wings since January 1. Omoda broadens its positioning in the fashion market with this acquisition, as stated in the press release. Van den Assem can now utilize Omoda’s infrastructure.

The general acquisition is by Omoda, but the Van den Assem family remains active in the company to ensure the Van den Assem DNA is preserved. The acquisition also leads to expansion, adding clothing brands to the Van den Assem assortment, and a unique clothing collection for Van den Assem customers is planned. A new Van den Assem store is scheduled to open in the second half of 2024.

March 19, 2024
End of an Era: Dries van Noten steps down as Creative Director
The first quarter of 2024 ends with notable Belgian fashion news. Designer Dries van Noten steps down as creative director of his eponymous fashion house. The Belgian designer will leave in June, having recently shown his last collection during Paris Men’s Fashion Week.

“I have been preparing for this moment for some time, and I feel that it is time to make space for a new generation of talents to bring their vision to the brand,” the Belgian designer shared in a statement. “In due course, we will announce the designer who will continue the story.” The successor to Van Noten is yet to be announced.

April 8, 2024
Just Brands finds new home with Co-Owner of Hema and Hunkemöller
More acquisition news follows in April. Dutch investment firm Parcom, co-owner of Hema and Hunkemöller, attempts to acquire the parent company of Just Brands. The acquisition required approval from the Netherlands Authority for Consumers and Markets (ACM), which was granted a few days later.

“Parcom Capital Management B.V. is allowed to gain sole control over Commander Holding B.V. via Parcom Fund VII Coöperatief U.A.,” ACM stated. As a result, Just Brands finds a new home with the co-owner of Hema and Hunkemöller. Just Brands was founded in 1992 and launched the PME Legend brand, later adding Cast Iron and Vanguard to its portfolio. The group sells via wholesale and owns stores in Belgium, the Netherlands, and Germany.

April 9, 2024
Belgian Branch of Esprit Files for bankruptcy
The Belgian branch of fashion brand Esprit, Esprit België Retail N.V. (BEBR), filed for bankruptcy with a bankruptcy judge in Belgium on April 8, 2024, as Esprit Holdings Limited announced in a press release. The news came a few weeks after the Swiss branch of the fashion brand collapsed.

April 11, 2024
Restructuring plan for Signa Holding GmbH converts to bankruptcy
Signa Holding GmbH, the former co-owner of Selfridges Group, converts its insolvency procedure into bankruptcy, the company announced in a press release. The restructuring plan is thus withdrawn.

May 15, 2024
Esprit restructures in Europe
After closing fiscal year 2023 with a billion-dollar debt, the company has no choice but to restructure. The restructuring primarily focuses on Esprit’s European activities. The fashion brand quickly exits Switzerland and files for bankruptcy for the Belgian branch. This results in the immediate closure of 15 stores in April, and 148 employees lose their jobs. Independent operators, about 10 in total, continue to operate under the Esprit flag. One of the Flemish franchise partners, Mapina, was declared bankrupt in June.

Esprit also posts negative results in Germany, prompting Esprit Europe GmbH and six other German affiliated companies to apply for insolvency proceedings. Esprit Europe GmbH oversees Esprit’s activities in Germany, France, Belgium, Austria, the Scandinavian countries, Poland, and the United Kingdom. Dutch activities are not part of this. Following Germany, Esprit starts restructuring its Danish branch, ceases operations in Austria, and aims to sell its Chinese activities for 47.5 million US dollars (44.4 million euros).

Meanwhile, Esprit announces it is in talks with an international private equity firm to secure new financing. The cooperation is dependent on signing the final transaction agreement, meaning the collaboration might or might not proceed. Later, it was revealed that an external investor was brought in under a non-legally binding ‘memorandum of understanding’ (MOU). A ‘special purpose vehicle’ is set up for the European branch, now being restructured in cooperation with the new investor. Additionally, the external investor acquires an ‘economic interest’ in Esprit Holdings Limited. In June, it was announced that the German CBR Group had shown interest in helping Esprit with its European activities but withdrew.

The fashion company aims to close all loss-making retail activities in Europe in the long term. A new business model focused on wholesale and e-commerce will replace the old structure. Part of this new business model involves optimizing the company’s structure and establishing a more flexible and scalable European distribution center. Esprit is looking at six locations within the Netherlands for the new European distribution center. The company is also revamping its webshop to optimize e-commerce and ensure a new cost-efficient infrastructure.

May 17, 2024
Belgian fashion group Cassis Paprika continues as one brand after holding company bankruptcy
Belgian fashion group Cassis Paprika will continue as a single brand focusing on plus sizes, as reported by various media including RetailDetail. This announcement follows the bankruptcy of Misohama, the holding company of the Belgian fashion group, declared on March 25. Paprika and Cassis had already requested creditor protection in January.

After the judicial reorganization was requested earlier this year, the recovery plan has now also been approved. The fashion group has decided to focus on the Paprika brand and will close nine Cassis stores. The stores in Brussels, Tournai, Kuurne, La Louvière, Liège, Sint-Niklaas, Wavre, and Wijnegem will close. The Cassis brand will not completely disappear; it will remain available in the Cassis-Paprika stores and through the webshop. Cassis-Paprika has a total of about 45 branches.

June 12, 2024
European Scotch & Soda stores close doors after bankruptcy
S&S Europe B.V., the Northern European retail division of Scotch & Soda, filed for bankruptcy. This affects Scotch & Soda’s retail activities in the Netherlands, Germany, Belgium, Luxembourg, and Austria. Scotch & Soda faced logistical issues in Europe after its 2023 restart under Bluestar Alliance. The bankruptcy impacts a total of 92 stores and 721 employees.

Although the press release mentioned a ‘possible restart,’ it became clear a week later that this would not happen. The physical stores permanently closed on June 19. The website will continue under a new licensee, United Legwear & Apparel Europe B.V.

In the last week of June, Scotch & Soda made a notable move. The brand reopened its London store on Carnaby Street, after closing all UK stores in 2023. Scotch & Soda partnered with South African entrepreneur Victor Barbosa, who manages Scotch & Soda in South Africa.

June 12, 2024
Superdry restructuring plan receives creditors’ approval
British retailer Superdry received positive feedback from creditors for its restructuring plan during a meeting.

In April, Superdry shared a plan to restructure its UK retail area, primarily involving store closures and cost savings. In May, the company announced it would extend this plan to its European stores, expecting to close dozens of stores. Superdry also intends to delist its shares from the London Stock Exchange, which could help ‘save significant annual costs’ and contribute to long-term success. To implement this plan, the company needs creditor approval.

June 26, 2024
Noppies’ parent company declared bankrupt after restructuring project
The parent company of Noppies, Supermom, Alvi, and Esprit for Mums has been declared bankrupt. Nine & Co. and its subsidiaries Task International B.V. and Task Licenses B.V. invoked the Dutch Homologation Private Agreement Act (WHOA) in the summer of 2023. The restructuring involved closing the Dutch and Belgian stores of the Noppies, Supermom, Alvi, and Esprit for Mums brands, while continuing wholesale sales activities.

June 28, 2024
Bankruptcy of Quality of Life BV (Duetz and Adam Menswear)
Fashion retailer Duetz and Adam Brandstores have decided to file for bankruptcy for the family business that operates the brands, Quality of Life BV. The bankruptcy affects a total of 20 men’s fashion stores and 2 webshops, which have been closed since June 21.

June 30, 2024
Parent company of Terre Bleue, Gigue, and Zilton files for bankruptcy
Belgian Duror Fashion Group has filed for bankruptcy. Duror Fashion Group is the parent company of the brands Terre Bleue, Gigue, and Zilton. Together, the brands have a store portfolio of 29 stores. The bankruptcy will result in the loss of 150 jobs.

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