Plans to invest 15 mln eur in its relaunch (Il Sole 24 Ore Radiocor) - Paris, 13 Jun - The French fashion retailer Don't Call Me Jennyfer said that it is exiting receivership after its relaunch plan was approved by a commercial court in Bobigny, in the outskirts of Paris.

The plan, which was presented to the court in May, involves an initial investment of 15 million euros that "will allow the brand to return to profitability" thanks to "the arrival of a new shareholder," the company said in statement.

A new management team, comprising Yann Pasco as chief executive and Jean-Charles Gaume as his deputy, aims to "transform" the brand's image "and its product offering in order to meet the expectations of a wider target of customers than before".

Pasco previously told the news agency AFP that the management wanted to preserve "Jennyfer's DNA", as the brand has a 15% market share in the 10-14 age group but also wants to "broaden the customer target" by positioning itself in the 15-19 and 20-24 age groups.

Don't Call Me Jennyfer was placed into receivership in June 2023 due to higher costs and weaker consumer demand.

It underwent a restructuring that led to 75 job cuts but without any store closures. The retailer has 220 stores in France and 80 abroad.

In 2023, it posted revenue of 250 million euros.

"In 2023, Jennyfer has already managed to halve its losses thanks to controlled management of its costs and stocks," the company added.

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(RADIOCOR) 13-06-24 12:55:01 (0306) 5 NNNN