Latest news with #Hamburg-based
Fashion Network
4 days ago
- Business
- Fashion Network
Denim label Closed files for insolvency
Italian-inspired premium denim label Closed has filed for insolvency and placed a corresponding application with the Hamburg district court in Germany. Despite its financial difficulties, business operations are to continue unchanged. Hamburg-based lawyer Stefan Denkhaus from the law firm BRL has been appointed provisional insolvency administrator. The pre-financing of insolvency benefits for the approximately 400 employees has already been initiated to ensure continuous salary payments and thus the stability of the operating business. Closed cites excessive debt and the associated financing costs as the reason for the insolvency. There had been speculation about the label's financial situation for some time. Both its own e-commerce and its retail business with 26 German stores and other European locations are now affected. Closed emphasised that it is generally operating profitably in these areas. The search for an investor has already begun. The first promising talks have been held with potential investors. "Closed is a strong brand with a clear profile. I am confident that an investor can be found and that the company will remain a Hamburg brand," explained Denkhaus. The management is also optimistic. Managing partners Gordon Giers (Product) and Til Nadler (Sales) report initial "promising talks" with potential investors. The company had already initiated structural changes before filing for insolvency. Restructuring expert Lothar Hiese was recently appointed to the management board as the new CFO. He succeeds Hans Redlefsen, who has accompanied the company in this position for over 27 years and will remain associated with the company as a co-shareholder. Closed was founded in 1978 and has since made a name for itself with high-quality denim collections. In 2023, the estimated turnover was around 125 million euros. In 2022, the first American store opened in Los Angeles.
Fashion Network
4 days ago
- Business
- Fashion Network
Beiersdorf reports moderate growth amid market challenges
German consumer goods maker Beiersdorf on Wednesday reported a moderate rise in sales in the first half of 2025, despite slower market growth. The company's half-year sales rose 2.1% organically to 5.19 billion euros (6.01 billion dollars) from 5.18 billion a year earlier. It had cut its organic sales growth outlook for 2025 late on Tuesday due to the difficult market conditions. "The global skincare market experienced slower growth than expected, particularly in the second quarter and into July 2025," CEO Vincent Warnery said in a statement. The Hamburg-based firm lowered its outlook for organic sales growth to 3%, from a previous target of 4%-6%, with 3%-4% growth expected in the consumer segment from a previous target of 4%-6%. The group's consumer segment now expects EBIT margin growth of 20 basis points (bps) against the previous year, down from a previous target of a 50 bps rise. The group recorded a 0.4% decline in organic sales growth in Europe in the second quarter of this year. Consumer sentiment in its biggest market has suffered in recent months. Beiersdorf said in its half-year report that, as of July, there was no visible improvement in the global skin care market, but it expects an overall improvement in the second half of the year.
Fashion Network
4 days ago
- Business
- Fashion Network
Denim label Closed files for insolvency
Italian-inspired premium denim label Closed has filed for insolvency and placed a corresponding application with the Hamburg district court in Germany. Despite its financial difficulties, business operations are to continue unchanged. Hamburg-based lawyer Stefan Denkhaus from the law firm BRL has been appointed provisional insolvency administrator. The pre-financing of insolvency benefits for the approximately 400 employees has already been initiated to ensure continuous salary payments and thus the stability of the operating business. Closed cites excessive debt and the associated financing costs as the reason for the insolvency. There had been speculation about the label's financial situation for some time. Both its own e-commerce and its retail business with 26 German stores and other European locations are now affected. Closed emphasised that it is generally operating profitably in these areas. The search for an investor has already begun. The first promising talks have been held with potential investors. "Closed is a strong brand with a clear profile. I am confident that an investor can be found and that the company will remain a Hamburg brand," explained Denkhaus. The management is also optimistic. Managing partners Gordon Giers (Product) and Til Nadler (Sales) report initial "promising talks" with potential investors. The company had already initiated structural changes before filing for insolvency. Restructuring expert Lothar Hiese was recently appointed to the management board as the new CFO. He succeeds Hans Redlefsen, who has accompanied the company in this position for over 27 years and will remain associated with the company as a co-shareholder. Closed was founded in 1978 and has since made a name for itself with high-quality denim collections. In 2023, the estimated turnover was around 125 million euros. In 2022, the first American store opened in Los Angeles.
Fashion Network
4 days ago
- Business
- Fashion Network
Beiersdorf reports moderate growth amid market challenges
German consumer goods maker Beiersdorf on Wednesday reported a moderate rise in sales in the first half of 2025, despite slower market growth. The company's half-year sales rose 2.1% organically to 5.19 billion euros (6.01 billion dollars) from 5.18 billion a year earlier. It had cut its organic sales growth outlook for 2025 late on Tuesday due to the difficult market conditions. "The global skincare market experienced slower growth than expected, particularly in the second quarter and into July 2025," CEO Vincent Warnery said in a statement. The Hamburg-based firm lowered its outlook for organic sales growth to 3%, from a previous target of 4%-6%, with 3%-4% growth expected in the consumer segment from a previous target of 4%-6%. The group's consumer segment now expects EBIT margin growth of 20 basis points (bps) against the previous year, down from a previous target of a 50 bps rise. The group recorded a 0.4% decline in organic sales growth in Europe in the second quarter of this year. Consumer sentiment in its biggest market has suffered in recent months. Beiersdorf said in its half-year report that, as of July, there was no visible improvement in the global skin care market, but it expects an overall improvement in the second half of the year.
Fashion Network
4 days ago
- Business
- Fashion Network
Denim label Closed files for insolvency
Italian-inspired premium denim label Closed has filed for insolvency and placed a corresponding application with the Hamburg district court in Germany. Despite its financial difficulties, business operations are to continue unchanged. Hamburg-based lawyer Stefan Denkhaus from the law firm BRL has been appointed provisional insolvency administrator. The pre-financing of insolvency benefits for the approximately 400 employees has already been initiated to ensure continuous salary payments and thus the stability of the operating business. Closed cites excessive debt and the associated financing costs as the reason for the insolvency. There had been speculation about the label's financial situation for some time. Both its own e-commerce and its retail business with 26 German stores and other European locations are now affected. Closed emphasised that it is generally operating profitably in these areas. The search for an investor has already begun. The first promising talks have been held with potential investors. "Closed is a strong brand with a clear profile. I am confident that an investor can be found and that the company will remain a Hamburg brand," explained Denkhaus. The management is also optimistic. Managing partners Gordon Giers (Product) and Til Nadler (Sales) report initial "promising talks" with potential investors. The company had already initiated structural changes before filing for insolvency. Restructuring expert Lothar Hiese was recently appointed to the management board as the new CFO. He succeeds Hans Redlefsen, who has accompanied the company in this position for over 27 years and will remain associated with the company as a co-shareholder. Closed was founded in 1978 and has since made a name for itself with high-quality denim collections. In 2023, the estimated turnover was around 125 million euros. In 2022, the first American store opened in Los Angeles. This article is an automatic translation. Click here to read the original article.
