Chanel has taken a stake in a French lace company, to prevent the classic
heritage business from being taken over by Chinese investors.
Two of France’s oldest and most renowned lace companies, Desseilles and
Codentel, filed for bankruptcy earlier this year. The former was bought by
Yongsheng Holdings, so when it came time for offers to be made for
Codentel, Chanel jumped in to help secure the artisan business stay
‘French.’
Chanel’s investment will give new parent company Holesco the means to
preserve the future of this artisan lace institution. All 36 employees will
keep their current jobs. Holesco is also the parent company of Sophie
Hallette, a family operated company which supplies to brands such as
Céline, Saint Laurent and La Perla.
Chanel’s president Bruno Pavlovsky stated: “For Chanel, acquiring shares in
the company’s capital means the opportunity to perpetuate and develop the
lace industry in France.”
Image:French lace