JOTT placed in receivership
Marseille - Marseille-based ready-to-wear company JOTT, which employs nearly 200 people, was placed in receivership on Thursday. A source close to the matter confirmed this on Friday, corroborating a report from La Provence.
According to the ruling reviewed by AFP, the Marseille economic activities court has initiated receivership proceedings for the company SAS JOTT, noting its state of insolvency. The court has set a provisional observation period of six months.
An interim hearing is scheduled for February 5. The purpose is to “verify, based on its report, whether the company's financial capacity is sufficient to fund its operations and to decide on the merits of continuing the observation period or potentially converting to judicial liquidation”.
Significant news
According to documents submitted to the court, JOTT employs 183 people and has a turnover of 24 million euros. Salaries for November have been paid in full. Founded in Marseille in 2010, the brand JOTT (“Just over the top”) became known for its lightweight and colourful puffer jackets.
In a statement, “Mode in Sud”, the region's fashion business union, described the news as having “serious implications for our fashion ecosystem in the South”. “JOTT is not just a local company, but a Marseille success story,” explained Jocelyn Meire, president of “Mode in Sud”.
According to him, “the weakening of a key French brand in the face of real economic challenges, and the regulatory issues surrounding a global e-commerce giant like Shein, acutely illustrate the tensions currently running through the fashion sector”.
The French ready-to-wear industry has been suffering a severe crisis in recent years. It has been hampered by competition from second-hand fashion and ultra-fast fashion from Asia.
On December 12, the ready-to-wear group IKKS found a buyer. However, this resulted in a 50 percent reduction of its workforce, with the loss of approximately 500 jobs.
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