Carven has been placed in receivership by the Paris Commercial Court, similar to Chapter 11 bankruptcy protection in the U.S., and is seeking a new buyer. The news was first reported by French newspaper Les Echos on Wednesday and confirmed by WWD. A majority of Carven's stake was sold to Hong Kong's Bluebell Group in 2016, and the brand is held by a total of eight shareholders.
According to Les Echos, Carven has faced a series of blowbacks since the departure of former Creative Director Guillaume Henry in 2014. (Henry famously transformed the 1945 French house into a contemporary brand.) Though new hires — design duo Alexis Martial and Adrien Caillaudaud for less than two years, and currently, Serge Ruffieux — have worked to keep Carven relevant, its finances could not keep up. Les Echos reports that the French fashion brand has been "steadily deteriorating" over the years, resulting in cessation of payment, ceasing operations on its men's line, as well as the closure of its New York City location, which was its first store outside of Paris. Additionally, the production of Carven's Spring 2018 collection was heavily delayed, leading to several canceled deliveries to retailers.
We reached out to Carven for comment and will update this post as we learn more.