Largest creditor takes over Hunkemöller

Hunkemöller has a new owner: its largest creditor, American investment company Redwood, has acquired the lingerie chain that is struggling with a large debt burden. The capital injection and a debt restructuring should be the precursor of better times.

New stability

Redwood is a financial giant that manages assets of around ten billion euros, and as such it is hoped it will guarantee the financial stability of the company and enable strategic initiatives. The chain aims to renovate 150 stores and open fifteen new ones. The marketing budget is also being increased, with a focus on digital campaigns, Dutch newspaper FD reprots.

The chain has been struggling of late: in 2023 (results for the financial year 2024 are not yet released), the company reported an 8 % drop in turnover and a net loss of 142 million euros, mainly due to a 109 million euro write-down on goodwill. At that time, the chain had a net debt that was 8.1 times the AEBITDA.

Hunkemöller has more than 7,000 employees and more than 750 stores in twenty countries. The company, founded in 1886, has changed owners several times in recent years. In 2022, Dutch investors Parcom and Opportunity Partners took over the formula from the American Carlyle, but the chain is now again in American hands.