French fashion group Vivarte is to sell three of its shoe brands – Minelli, San Marina and Cosmoparis – as part of an ongoing asset disposal programme, which saw the company offload its Chevignon fashion label just weeks ago.
Vivarte cited the continuing deterioration of the footwear market for its decision to sell three three shoe brands, the sales of which will take place during the course of 2019.
The company will now focus investment on its La Halle and Caroll fashion lines, which together represent 80% of the group’s turnover. The sale proceeds will fund a EUR100m (US$114.2m) investment in La Halle over three years, and a EUR10m investment in Caroll for 2018 to digitise the brands’ business models and modernise stores.
Vivarte, which competes against fashion giants such as Hennes & Mauritz (H&M) and Primark, has already sold its Kookai and Naf Naf fashion labels, in addition to its Andre, Pataugas, Besson and Merkal footwear brands as part of a restructuring programme to improve the company’s financial situation and cut debt.
Last month, the company entered into an agreement with the Royer company and businessmen Stephane Collaert and Thierry Le Guenic for the purchase of its Chevignon fashion label.
With a turnover of around EUR27m and employing around 180 staff, the brand operates 60 points of sale in France and 115 internationally. The transaction is expected to close in the first quarter of 2019.