By Eromosele Patrick Eidusi
The brand, once popular with Alexa Chung, Kate Bosworth and Olivia Palermo, is in financial trouble.
Carven, a former favorite of It girls and Hollywood’s most stylish, has filed for bankruptcy protection in order to remain in business.
The French brand is in the process of reorganizing and seeking ways to repay its creditors. The company dates back to 1945, and currently has an employment of about 100 people.
In addition to its period of financial recovery, Carven is also looking for a new buyer.
Carven spokesman in a statement told the Business of Fashion:
“Carven is in default on payments and will on Wednesday be asking to be placed under bankruptcy protection of the Paris Commercial court via receivership procedure.”
The brand’s sales have been markedly dropping for years – in 2017, annual sales plunged to 20 million euros, half of the level in 2014 when Guillaume Henry left as Creative Director. Henry had been credited with adding a modern desirability to the label, with a roster of celebrity fans which included Chung, Diane Kruger and Miranda Kerr.
However, in the years that followed the brand lost its way- design duo Alexis Martial and Adrien Caillaudaud remained at the helm for two years, followed by Serge Ruffieux. Its Spring/Summer 2018 collection has suffered numerous delays, resulting in multiple cancelled deliveries to retailers.
Picture credit: Getty Images
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