Companies

Clergerie has found a new owner

Jul 6, 2023 France

Clergerie has been acquired by the California-based footwear company Titan Industries. The French-based luxury shoemaker had been placed into receivership on the 29th of March

The takeover was approved on the 29^th of June by a Paris-based commercial court. The American footwear group has purchased Clergerie for 700 0000 million euros and has committed to an initial investment of 6.5 million euros to relaunch the brand. Its CEO and founder, Joe Ouaknine, has guaranteed to Footwear News that is planning to maintain 45% of Clergerie's workforce, that is 59 out of 134 people.

In addition, says Shoe Intelligence, Titan is also expected to keep some of its 13 stores, as well as the factory located in Romans-sur-Isère in the Drôme department, even if it plans to rely on a Spanish partner with suppliers in India, China and Morocco.

Founded in 1981, the brand was sold in 2011 by the designer and founder Robert Clergerie to First Heritage Brands, an investment fund of the Hong Kong-based Fung family. In 2020, the French Legacy Group, owned by the Swiss-based Mirabaud Asset Management and its subsidiary Mirabaud Patrimonie Vivant, took over the company, but the relaunch plan failed to take off, leading the luxury shoe brand to file for court protection at the end of March 2023.

Loss-making for several years, “the impact of the pandemic and situation in Ukraine was a double shock”, explained FLG president Jerome Espinos. “We hit a wall with the decrease of traffic in stores, longer lead times and delays in deliveries from suppliers”.

About Titan Industries

Titan Industries was founded in 1998 by Joe Ouaknine and Sal Palermo and specializes in women's fashion footwear. Its brand’s portfolio includes Badgley Mischka, Jewel Badgley Mischka, American Designer Badgley Mischka, L’Agence and Dee Ocleppo.

Image Credits: northparkcenter.com

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