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JOLIDON: insolvency procedure initiated

LOCAL sources reported that Romanian lingerie label Jolidon had entered insolvency last week with accumulated debts of EUR 57m, more than four times its annual sales in 2014. That year, turnover slumped by more than 30 per cent against the preceding year, to EUR 14m. Founded two decades ago by local entrepreneur Gabriel Carlig, the brand at its peak had exported to some 50 countries and operated over 80 retail stores in Romania. Its loss had reached EUR 22m in 2014 from EUR 0.7m in the preceding year.

Jolidon

Jolidon

 

The rapid slump in sales and resulting mushrooming of loss gave suppliers relatively little warning of the impending collapse of the brand.

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