The French fashion brand IKKS is insolvent. The bankruptcy proceedings, ordered by the Paris Commercial Court on Thursday, endanger more than 1,000 jobs within the group. The AFP news agency received this on Friday from the Paris Commercial Court and thus confirmed a report by the Les Echos newspaper.
The brand was insolvent and had had difficulties for several years. In 2024 she obtained a debt relief from her creditor: inside. Investor also provided new liquid funds on the inside. Nevertheless, the commercial court now ordered the insolvency administration and initiated an observation phase until April 2026. This procedure only affects business activities in France.
IKKS was founded in 1987 and sees itself as a premium-ready-to-wear brand for women, men and children. She has a “rock DNA”, the chairman told the AFP in June 2024. The group is represented in France and internationally with the brands i.Code, One Step and IKKS. It has 600 sales outlets and 1,500 employees worldwide: according to the same source.
The social plan provided for the deletion of 202 of the 1,328 jobs
In February 2024, the company announced a social plan. This provided for the deletion of 202 of the 1,328 representations in France and the closure of 77 of the 604 shops and sales corners. The background was the generally depressed mood in the ready-to-wear sector.
“A combination of different external factors has severely affected the entire sector,” said the company. “This includes the worldwide health crisis by Covid-19, the consequences of the war in Ukraine, where the group was strongly represented, and a continuing inflation.”
Ultimately, 140 jobs were affected by the social plan, as around sixty places could be saved through internal transfers. This was announced by Ludovic Manzon, the chairman of the group, the AFP. According to a source of the AFP familiar with the matter, 30 million euros were made available to help the brand become profitable again.
IKKS is involved in the long list of French ready-to-wear companies that have become difficult. They are victims of a crisis that has been pending for several years. These brands known in the French city centers suffered from an explosive mix of pandemic, inflation and increasing prices for energy, raw materials, rents and salaries. Added to this is the competition from the second-hand and Fast Fashion or Ultra-Fast Fashion-especially Shein.
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