Selective Beauty France goes into administration
International licensee and distributor of fragrances and cosmetics, Selective Beauty France says it has entered recovery proceedings in a bid to “secure an agreement with its creditors to ensure the long-term durability of the group”. The company was founded in 2000 in Paris by two former LVMH executives, Corrado Brondi and Christophe Cervasel, and in 2006 private equity group 3i acquired a 45% stake in the business.
International licensee and distributor of fragrances and cosmetics, Selective Beauty France says it has entered recovery proceedings in a bid to “secure an agreement with its creditors to ensure the long-term durability of the group”. The company was founded in 2000 in Paris by two former LVMH executives, Corrado Brondi and Christophe Cervasel, and in 2006 private equity group 3i acquired a 45% stake in the business.
Two receivers have been appointed in France to help the management find the best solution for the group, but Selective says this procedure is being restricted to the French part of the business, with foreign affiliates not being involved. The company has affiliates in the UK, Ireland, Germany, Austria, Italy, Netherlands, Belgium, Poland and the US.
Selective Beauty distributes for a number of brands, including Lanvin and Lolita Lempicka, and develops and distributes for others under licence, including MaxMara, Sonia Rykiel and, most recently, John Galliano. The company also worked for a number of years with Agent Provocateur but distribution was recently taken in-house.
“Selective Beauty’s management is currently working on the setting up of a continuation plan,” says the company. “The objective is to strengthen the group both on a financial and organisational standpoint in order to face current difficult market conditions.”