It’s hard times for Jeckerson, the Italian jeanswear and casual brand founded in 1995 by brothers Alessandro and Carlo Chionna and controlled since 2008 by British fund Stirling Square Capital.
On November, 11, 2020 the Tribunal of Bologna declared the bankruptcy of the company and refused the request of an agreement with creditors, as reported in local press, after it had reached a loss of €4 million in 2019, despite having closed 2018 registering €25 million sales. Already in 2015, the company had risked a situation similar to the present one reaching a loss of €90 million, though at that time the Tribunal had approved Jeckerson’s request of composition with creditors.
“Despite it had started a path of repositioning within the wholesale distribution channel, Jeckerson hasn’t achieved its target because of the health emergency caused by Covid-19,” says a note issued by the bankruptcy trustee, Gianluca Mattioli.
“The company’s CEO Gian Maria Argentini had already put in security the brand’s reputation in order to guarantee distribution continuity through a series of licensing agreements that, in case of a bankruptcy declaration, could help the trustee of the company proceed with a liquidation and continue through either the selling of the brand or of a branch of the company through a competitive auction. Thanks to such strategy the licensed companies taking care of the different product categories of the brand can continue production and distribution of products according to the running contracts, therefore consumers can continue buying products in seasons to come. Similarly, once the brand will be sold to another industry player it will continue its path,” continues the trustee.
Jeckerson is now sold through about 370 multibrand stores (mostly in Italy) and about 20 monobrand stores, that will continue to remain open as part of the Tribunal’s authorization.
Among the licensed companies involved with Jeckerson there is C&S, an Italian premium denimwear manufacturer producing jeans for Acne Studios, 7 For All Mankind, Nudie Jeans and Roy Rogers, among others, and owner of the Haikure jeans brand. C&S signed a licensing agreement for the production and the distribution of Jeckerson in June 2020, though it has been producing for it since 2011.
Federico Corneli, C&S
“Our aim is to give continuity to the brand despite the fact many newspapers have already celebrated its funeral,” says Federico Corneli, owner C&S. “What ties us to Jeckerson is an excellence story started long time ago as we have been producing it for nine years, before we took its license of production and distribution. As in the past, we are committed to transfer this brand the heritage of quality and style that has always characterized it.”
“As a consequence of the bankruptcy declaration and in our double role as creditors of the previous brand’s management and current licensee, in case the brand is put on sale we might have a pre-emption in acquiring it,” continues Corneli.
“As part of our tasks, we have recently refreshed and added a more modern edge to the collection that is made up of 150 pieces of which 50% are denim pieces and the rest are non-denim items, knitwear and sweatshirts. Despite this critical situation we have already produced its sample collections and the products that will go in stores for s/s 2022. And the market has shown us great satisfaction for what we have done so far as our sales force had received a great feedback from multibrand stores that sell it and from consumers who continue appreciating the brand,” adds Corneli.