Iconix and Xavier Niel submit €60 million bid for the French brand Le Coq Sportif
A consortium of investors, including French telecom magnate Xavier Niel and U.S.-based group Iconix—owner of Lee Cooper and Umbro—has submitted a €60 million bid to acquire Le Coq Sportif, the historic French sportswear brand currently in receivership. The group confirmed the submission in a press release issued Wednesday.
Le Coq Sportif, the official outfitter for the French delegation at the upcoming Paris 2024 Olympic Games, has been under court-ordered restructuring since November 2023. Founded in Romilly-sur-Seine in the Aube region, the company employs around 300 people in France.
In a statement released one day after the deadline for takeover bids, the consortium announced its proposal aims to "refocus Le Coq Sportif on its core identity as an accessible and popular brand, while expanding its global reach with significant financial backing to revive this iconic French label."
The proposed bid structure includes 51% backing from Neopar, a French investment firm owned by the Poitrinal family and known for its corporate turnaround strategies. Another 26.5% would come from a group of investors that includes Xavier Niel, several athletes, and former Le Coq Sportif executives. Iconix would contribute the remaining 22.5%.
According to comments shared with AFP, the group confirmed that the €60 million would be "injected immediately. "
The proposal also claims support from Intersport and several multibrand retail chains.
In March, the Grand Est regional authority revealed that two groups were in discussions to acquire Le Coq Sportif, one of which had the support of the French government. To facilitate the deal, the region agreed to cancel 50% of its claims against the company.
Le Coq Sportif reportedly owes between €60 million and €70 million to public entities. The Grand Est region also stated that the company previously received €42 million in loans from the French government.
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