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One of France's last remaining velvet manufacturers is on the brink of bankruptcy

One of the last French manufacturers of high-end velvet, is on the brink of liquidation. With just weeks remaining to find a buyer, the company, formed in 1978 from the merger of JB Martin and Giron Frères, was placed under receivership in February 2024 by the Lyon Commercial Court.

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Operating across two sites near Lyon and Saint-Étienne, the firm employs 48 people and specialises in luxury velvet fabrics for haute couture and the high-end furniture sector. In 2024, it recorded €3.7 million in turnover, down from €5.8 million in 2018. The business has suffered from the lasting effects of the Covid-19 crisis and a significant slowdown in the global luxury market.

Despite interest from three potential buyers, no formal takeover offers have been submitted. The deadline for bids is 15 July, with a hearing scheduled on 22 July. Without a proposal, the company faces liquidation.

Velours de Lyon is not only a textile manufacturer but also contributes to research in the defence sector. Its possible closure would mark the loss of a key player in France's historic velvet and luxury fabric industry.

Source: www.latribune.fr

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