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French shoemaker Clergerie narrowly avoids receivership. The French company has just been acquired by the American Titan Footwear.
The courts have ruled that Clergerie, based in the Drôme region, is now in the hands of the Californian company Titan Footwear, the only one to have maintained its takeover bid. It will therefore be able to acquire the French company, which has been in receivership since March 29.
Founded in 1970 by its eponymous creator, Robert Clergerie, the company had been in financial difficulty for some time and had been the subject of several partial offers over the past month. But the only company still in the running when the bids closed was Titan Footwear, a subsidiary of the Californian Titan Industries group. Specializing in “haute couture” footwear, the Californian giant would have achieved annual sales of $50 million by 2022.
The start of a relocation
The “Titan” of footwear had offered 700,000 euros to buy Clergerie, with initial investments amounting to 6.5 million euros.
Following confirmation of the takeover, the company has undertaken to keep 45% of the workforce, some sixty employees out of the original 134, notably by reducing the number of technical staff.
The workshops, located in Romans in the Drôme region, will be retained for a small part. For the remainder of manufacturing, the American company intends to rely on a Spanish company with worldwide collaborations in countries such as China, India and Morocco. Part of the production will therefore be outsourced.
Among other things, this marks a historic move for the Drôme-based hunter, which was one of the last to manufacture leather shoes in France, following in the footsteps of the Paraboot, J.M Weston and Heschung brands.
A U.S. takeover, but a name that will remain French. Since its beginnings in the 70s, the label has put shoes on the biggest stars, from Lauren Bacall to Madonna and Hollywood. Let’s hope the brand retains its prestige and French savoir-faire in the years to come.
Read also >Clergerie: shoe manufacturer anxiously awaits buyer
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French shoemaker Clergerie narrowly avoids receivership. The French company has just been acquired by the American Titan Footwear.
The courts have ruled that Clergerie, based in the Drôme region, is now in the hands of the Californian company Titan Footwear, the only one to have maintained its takeover bid. It will therefore be able to acquire the French company, which has been in receivership since March 29.
Founded in 1970 by its eponymous creator, Robert Clergerie, the company had been in financial difficulty for some time and had been the subject of several partial offers over the past month. But the only company still in the running when the bids closed was Titan Footwear, a subsidiary of the Californian Titan Industries group. Specializing in “haute couture” footwear, the Californian giant would have achieved annual sales of $50 million by 2022.
The start of a relocation
The “Titan” of footwear had offered 700,000 euros to buy Clergerie, with initial investments amounting to 6.5 million euros.
Following confirmation of the takeover, the company has undertaken to keep 45% of the workforce, some sixty employees out of the original 134, notably by reducing the number of technical staff.
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French shoemaker Clergerie narrowly avoids receivership. The French company has just been acquired by the American Titan Footwear.
The courts have ruled that Clergerie, based in the Drôme region, is now in the hands of the Californian company Titan Footwear, the only one to have maintained its takeover bid. It will therefore be able to acquire the French company, which has been in receivership since March 29.
Founded in 1970 by its eponymous creator, Robert Clergerie, the company had been in financial difficulty for some time and had been the subject of several partial offers over the past month. But the only company still in the running when the bids closed was Titan Footwear, a subsidiary of the Californian Titan Industries group. Specializing in “haute couture” footwear, the Californian giant would have achieved annual sales of $50 million by 2022.
The start of a relocation
The “Titan” of footwear had offered 700,000 euros to buy Clergerie, with initial investments amounting to 6.5 million euros.
Following confirmation of the takeover, the company has undertaken to keep 45% of the workforce, some sixty employees out of the original 134, notably by reducing the number of technical staff.
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