The famous French fashion brand Courrèges, particularly popular in the 60's and 70's, wants to grow its funding in order to create a rapid expansion and change its course after an important renovation.
Change of direction
The fashion brand, founded by André Courrèges in 1961, was recently acquired by former Young & Rubicam CEO's Jacques Bungert and Frédéric Torloting. Its new owners feel the brand is now ready for a change of direction, which should help recapture its former influence and power. "That is our ambition", Bungert said.
In order to achieve that goal, the company will get a cash injection of some 20 million euro, which will help to remodel its historical factory in Pau, improve its communication network and expand its staff from 50 to some 100 employees.
Open new stores all across the world
Adding the new boutique in Luxembourg and a second store in Paris, the group currently has some 250 stores in 20 countries, but it seeks expansion all across the globe.
"We have to be present in all our important markets, in the next three to 5 years", Frédéric Torloting said, immediately announcing new stores for New York, Tokyo, London, Seoul and Madrid. The group has also struck deals with other distributors and will get more store space for its own brand, while its artistic design will be updated. It has also attracted two new stylists: Sébastien Meyer and Arnaud Vaillant.
The brand's management also wants to expand the product range, with glasses and perfumes among other things, to help boost expansion.