Maison Sonia Rykiel, the iconic brand known for its knitwear and multicolored striped patterns, is facing financial difficulties that may lead to a potential sale. After closing most of its international stores a few months ago, the company is now undergoing a judicial reorganization procedure, as reported by Les Echos.
Established in 1968 by designer Sonia Rykiel, the Maison gained fame and earned Rykiel the nickname “Queen of Knitwear” for its exceptional knitwear creations. In 2012, it was acquired by Chinese investment fund First Heritage Brand, which initially held an 80% stake and later became the sole owner in 2016. That same year marked the passing of the brand’s iconic founder, and the company underwent a restructuring.
Unfortunately, Maison Sonia Rykiel’s restructuring efforts did not yield positive results. Reports from Les Echos reveal that the brand’s revenue in 2018 was only half of what it was in 2012, amounting to 35 million euros. These financial struggles have prompted the decision to initiate a judicial reorganization procedure, which could potentially lead to a sale of the company.
The brand’s troubles have not gone unnoticed in the fashion industry. Maison Sonia Rykiel’s absence from the Paris Fashion Week Autumn-Winter 2019/2020 calendar caught attention, considering they had recently celebrated their 50th anniversary. Furthermore, the fashion house announced the departure of its Creative Director, Julie de Libran, in March of this year. De Libran had been leading the collections for the past five years.
In conclusion, Maison Sonia Rykiel’s financial difficulties have put the brand at a crossroad. The company’s revenue decline and strategic restructuring have not been able to turn things around. With the judicial reorganization procedure underway, the future of the iconic fashion house remains uncertain.
Useful Links:
1. Maison Sonia Rykiel Official Website
2. Vogue UK’s Coverage on Sonia Rykiel
