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.
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