KOI International BV, the owner of Dutch jeans brand Kings Of Indigo, has filed for bankruptcy. Cohen Tervaert, who is currently examining the possibilities for a new start, was appointed insolvency administrator.
Due to the current events in the world, it was not possible to realize a new investment round in time, the company announced on Wednesday. The shareholders have made “every effort to arrange refinancing” in recent months, but without success. Therefore, the way would now be cleared for interested parties who want to try a new start with the sustainable denim concept, according to Amsterdam.
“It absolutely hurts to leave behind everything we’ve worked so hard for. But I also feel genuine pride and appreciation for everything we have achieved as a team,” said founder Tony Tonnaer. “With Kings Of Indigo we have been able to help make the fashion industry more sustainable and show other brands how to work in this industry in a more environmentally friendly and humane way without compromising on quality. I felt supported by many people in this mission. I wouldn’t want to miss this adventure for anything in the world.”
As part of Varova Fashion Holding, the brand already had to deal with insolvency in 2018, which the brand survived through a management buyout.