French fashion retailer, Camaïeu, has filed for bankruptcy after a deal to sell the brand to Primark fell through. The news comes as a blow to the struggling high street fashion sector, which has been hit hard by the COVID-19 pandemic and the rise of online shopping..
Camaïeu was founded in 1984 and has over 500 stores in France and Belgium. The company employs over 3,000 people and has an annual turnover of around €600 million. However, the company has been struggling financially in recent years and has been placed into receivership since July 2020..
In December 2020, it was announced that Primark had agreed to buy Camaïeu for an undisclosed sum. The deal was seen as a lifeline for Camaïeu, which had been struggling to compete with other fast fashion retailers such as H&M and Zara..
However, the deal fell through in March 2021 after Primark pulled out of the agreement. Primark did not give a reason for its decision, but it is thought that the company was concerned about the financial viability of Camaïeu..
The collapse of Camaïeu is a major blow to the French fashion industry. It is the latest in a string of bankruptcies in the sector, which has been hit hard by the COVID-19 pandemic. Other major French fashion retailers, such as C&A and Pimkie, have also filed for bankruptcy in recent months..
The collapse of Camaïeu is also a sign of the changing face of the high street fashion sector. Fast fashion retailers have been struggling to compete with online retailers, which offer a wider range of products at lower prices. As a result, many fast fashion retailers have been forced to close stores and lay off staff..
The collapse of Camaïeu is a sad day for the French fashion industry. It is a reminder of the challenges facing the sector and the need for retailers to adapt to the changing consumer landscape..
