French luxury footwear manufacturer calls in the receivers
Best known for its woven leather shoes, the company has sustained more than Eur3.5 million worth of losses over the past two years on a turnover of Eur46.3 million. With its reliance on the luxury market, the company was especially badly hit by the economic fallout from September 11. However, observers also blame the decision by its leading shareholder, Suez Industrie Finances, which owns 28% of capital, to pull out of the footwear sector.
In an effort to reassure the company’s 550 workers, chairman Stephane Kelian has pointed out that the woven shoes cannot be made to the same standards by subcontractors outside Romans, the group’s birthplace.
