French Court Extends Bidding Process for Sonia Rykiel

PARIS — A French commercial court has extended the bidding process for beleaguered French fashion house Sonia Rykiel to June 12, with a decision expected in the first half of July. The court extended the initial May 31 deadline for offers for the label to June 12, adding half a month to the procedure, said a source with knowledge of the matter. Sonia Rykiel went into receivership in April. Its owner, First Heritage Brands, mandated investment bank Compagnie Financière Edmond de Rothschild in January to seek an investor or outright buyer for the brand, which it acquired in 2012. Rykiel’s revenues stood at 83.7 million euros in 2011, with a loss of 1.4 million euros, the year before the founding family sold an 80 percent stake to Fung Brands, an investment company backed by Hong Kong billionaires Victor and William Fung. Julie de Libran at the Sonia Rykiel 50th anniversary kick-off party in Paris.  Stéphane Feugère/WWD Now known as First Heritage Brands, the owners sought to revive the business by capitalizing on its identity, anchored by founder Sonia Rykiel, who was dubbed the “Queen of Knits” by WWD. Sales last year came to 35 million euros in 2018, with a loss of 20 million euros, excluding its

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