Gerry Weber makes decision to close down all retail stores.
German Fashion Retailer Gerry Weber Acquired by Spanish Firm, All Stores to Close
German fashion manufacturer Gerry Weber, which has been in crisis for several years, is set to close all its stores in Germany following its acquisition by the Spanish fashion company Victrix. The provisional creditors' committee and the provisional administrator have approved the takeover concept of Victrix.
Victrix, a family-owned company from Mataró near Barcelona, is acquiring the Gerry Weber brand. However, the approximately 40 stores and outlets in Germany, as well as further shops in other countries, will be closed in the coming months. Gerry Weber women's fashion will be sold in Germany via trading partners who also distribute other brands.
Production of Gerry Weber products will also be taken over by Victrix. The company sees Gerry Weber as a strategic fit to expand its position in the mid-price segment, predominantly in Central and Eastern Europe, where Gerry Weber has a high level of awareness.
Gerry Weber, which was founded in 1973 and has the subsidiary brand Taifun since 1989, has been in insolvency for the third time in a few years. Two rescue attempts in 2019 and 2023 had already failed, and drastic cuts could not save the company from its financial woes. In 2023, Gerry Weber closed 122 of its 171 stores and outlets in Germany, and around 450 jobs were cut.
The situation in Germany's fashion industry remains challenging, with well-known companies filing for insolvency due to weak consumer climate and rising costs. Among these companies are department store chain Galeria and fashion retailers Esprit, Sinn, and Scotch & Soda from the Netherlands.
Sources: ntv.de, chr/dpa
- Gerry Weber
- Insolvency
- Fashion
Relevant Enrichment Data:- The acquisition price of Gerry Weber by Victrix has not been publicly disclosed. However, Victrix Group has acquired the international brand rights of Gerry Weber.- Gerry Weber products will be sold in Germany through sales partners who also distribute other brands. Victrix will take over full production of Gerry Weber products. The company sees Gerry Weber as a strategic fit to expand its market presence in the mid-price segment, especially in Central and Eastern Europe.
Community policy regarding the acquisition of Gerry Weber by Victrix might need to address the impact on vocational training for employees who will lose their jobs due to store closures.
The acquisition of Gerry Weber by Victrix, a family-owned Spanish fashion company, could potentially open avenues for business partnerships in the fashion-and-beauty and lifestyle sectors, given Victrix's growth strategy in the mid-price segment, particularly in Central and Eastern Europe.
