#enterprise The Cambridge Satchel Company offered to French textiles big Chargeurs
Iconic vogue model The Cambridge Satchel Company seems to have been offered to French firm – textiles big Chargeurs
Celebrity enchantment: Taylor Swift is a Cambridge Satchel fan
Boasting a Hollywood profile and a roll name of purchasers that features Taylor Swift and Lady Gaga, The Cambridge Satchel Company has been credited with creating the ‘British It Bag’.
But the enduring vogue model now seems to have been offered to a French firm – textiles big Chargeurs.
The revelation has been made in firm paperwork that present Chargeurs has taken a stake of a minimum of 75 per cent in Cambridge Satchel.
At the identical time, after years of the label racking up losses, three administrators have resigned.
Two senior executives from Chargeurs have been appointed of their place alongside Cambridge Satchel founder Julie Deane, who stays a director.
Launched in 2008, the corporate turned a social media phenomenon amongst vogue bloggers, as a sequence of high-profile superstar followers pictured with its merchandise helped it achieve a world profile.
But Cambridge Satchel has not made a revenue since 2014 and final 12 months it was revealed to have misplaced almost £2million.
At the time, Deane vowed to stay to her weapons regardless of a sequence of share points diluting her management and two non-public fairness corporations taking important stakes.
Chargeurs operates in round 90 international locations with greater than 2,000 folks employed throughout textile expertise, vogue and healthcare.
In 2020, the group generated income of almost £700million and has made a sequence of acquisitions in recent times.