Chanel takes minority stake in French lace company

Chanel has taken a stake in a French lace company, to prevent the classic heritage business from being taken over by Chinese investors.

Two of France’s oldest and most renowned lace companies, Desseilles and Codentel, filed for bankruptcy earlier this year. The former was bought by Yongsheng Holdings, so when it came time for offers to be made for Codentel, Chanel jumped in to help secure the artisan business stay ‘French.’

Chanel’s investment will give new parent company Holesco the means to preserve the future of this artisan lace institution. All 36 employees will keep their current jobs. Holesco is also the parent company of Sophie Hallette, a family operated company which supplies to brands such as Céline, Saint Laurent and La Perla.

Chanel’s president Bruno Pavlovsky stated: “For Chanel, acquiring shares in the company’s capital means the opportunity to perpetuate and develop the lace industry in France.”

Image:French lace