China’s Icicle closing in on acquisition of Carven
By Prachi Singh
8 Oct 2018
Chinese company Icicle Fashion Group may acquire troubled Parisian fashion label Carven, reports WWD quoting sources familiar with the development. It added that the deal could be announced by the end of this week. In May, Carven had filed for Chapter 11 bankruptcy with the Paris Commercial Court. The final decision on the matter would be declared by the French court, when it would issue its ruling on October 12.
While many firms including Axara, Lee Cooper, Cashtex, Philippe Métivier, Market Maker and Red Luxury were eyeing to takeover Carven, the Shanghai-based Icicle, known for its eco-friendly men’s and women’s wear range, is said to nearing the acquisition deal. If Icicle manages to acquire Carven, it would give the company an opportunity to expand its presence beyond China.
Icicle was launched in 1997 by Ye Shouzeng, an alumna and former professor of China’s coveted fashion school - Donghua University. The company runs around 100 stores across China, mainly focusing on its sustainable collections.