Van de Velde bids for French lace supplier Noyon

Lingerie manufacturer Van de Velde, together with several other parties, has bid for French lace supplier Noyon, which has been in turbulent waters for quite some time. Boulogne-sur-Mer’s commercial court will examine the bid, although it is not the only one.

Noyon family steps back

It is very likely the bid will be accepted, because not only is it the only bid, it is also the one backed by Noyon’s board and attorney.

Noyon has been in financial distress for years: it filed for Chapter 11 in 2008 and managed to relaunch afterwards, although its turnover dwindled and its debt rose. A mere 2 years ago, it managed an 18.3 million euro turnover, but now it is down to 13.5 million euro and it also carries a 7 million euro debt. The company was forced to file for Chapter 11 again in September 2016 and was declared bankrupt in 2017.

If successful, the founding Noyon family would take a step back. The consortium, which consists of Van de Velde, La Perla, Etam and MAS Holdings (Noyon’s Sri Lankan partner), would own 80 % of the company. Management and staff would get a 10 % stake, leaving just 10 % for the Noyon family itself.