Sonia Rykiel enters receivership

Sonia Rykiel, the French fashion house known for its brightly colored striped woollen outfits, is seeking a buyer, according to French newspaper Le Figaro citing a source familiar with the matter. The company, which was acquired in 2012 by First Heritage Brands, has been placed into administration while it awaits offers.

These are hard times for the label, which has been struggling since the death of its eponymous founder at the age of 86 in 2016. Rykiel was succeeded by Julie de Libran, with whom the label parted ways in March. The company reported a turnover of 35 million euros (approximately 39 million dollars or 30 million pounds) in 2018, with a loss of 20 million euros, according to the newspaper.