- AFP |
The textile and footwear group Vivarte, who have been engaged in a disposal and reconstruction plan for several months, announced on Tuesday that they have sold the clothing brand Kookai to the Australian brand, Magi.
Magi, launched in 1992 has been the licensee of Kookai in Australia and New Zealand for 26 years, specialists in the apparel industry, they have their own creative studio in Melbourne, and generated a turnover of 70 million euros in 2016.
Vivarte described in a statement that they are allowing ‘for the brand to fully exploit its great potential’, bringing Kookaï’s 195 stores in France, Spain and Switzerland along with 500 employees into Magi’s portfolio.
This sale "is actively participating in the recovery plan presented in January 2017 " by Vivarte, who have already sold several brands, such as Pataugas in May. Also initiating the sale of two of its iconic brands: André, with 786 employees and Naf Naf, 860 employees.
Aiming to refocus the group to three activities: La Halle and Besson in residential areas, shoe brands Minelli, San Marina, CosmoParis and apparel brand, Caroll. The company is currently present in 70 countries and registered revenues of 2.2 billion in 2016. (AFP)