Jil Sander faces difficult situation
Hit hard by the crisis, Jil Sander has entered a restructuring phase. The German ready-to-wear brand acquired in 2008 by the Japanese group Onward through its European subsidiary, the Italian company Gibo renamed Onward Luxury Group (OLG), has found itself confronted with a critical financial situation since 2013 and is now being forced to restructure.
"We are working on a restructuring plan and are currently in discussions with the unions. We will release details when our plans are clearer," said Franco Pene, head of OLG (eg Gibo).
The plan includes fifty dismissals out of a total of 140 employees. The high-end, minimalist-style brand, which is made in Italy, was founded by the German designer Jil Sander in 1975. In recent years, it has stagnated.
The brand saw its results deteriorate last year, with turnover falling from 110 million euros in 2012 to 72.5 million in 2013, while its debt has surged over the same period from 51.6 million to 74 million. The brand additionally suffered a net loss of 8 million euros in 2013.
The label, which did not present its collections during Milan’s men’s Fashion Week last June, confirms that it will return to the catwalk in September to present the first women’s collection from its new creative director Rodolf Paglialung.
Paglialung succeeded the designer Jil Sander, who returned as creative director of the brand in February 2012 before leaving again in October 2013.
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