Princesse tam tam and Comptoir des Cotonniers heading for receivership
Another major French fashion player is under threat. FashionNetwork.com has learnt that fashion retailer Comptoir des Cotonniers and lingerie chain Princesse tam tam are heading towards receivership proceedings. The owner of the two chains, Japanese group Fast Retailing, is about to file for receivership for both. The application is set to be filed with the Paris trade court on Friday June 20, sources close to the matter have told FashionNetwork.com. The two chains, bought by Fast Retailing in 2005, have been battling the fashion market's headwinds for several years, having been reorganised three times in succession, in 2018, 2021 and 2023.
The move that will make it easier for the two chains to go into receivership was made by Fast Retailing in September 2024, when it decided to merge the two businesses into a single corporate entity, under the Fast Retailing France company. The latter doesn't include the lucrative business of Uniqlo in France, whose 30 stores are run by a European holding company based in London.
With the reorganisation carried out two years ago, Princesse tam tam deployed a redundancy plan that led to the closure of 27 out of 69 stores, for a loss of 84 out of 235 jobs, while Comptoir des Cotonniers closed 28 out of 67 stores and slashed 101 out of 272 jobs. The chains are currently operating a total of nearly 90 stores, approximately 50 for Princesse tam tam and about 40 for Comptoir des Cotonniers.
In spring 2024, in an effort to revive their fortunes, the chains, led by Kunii San, announced they were cutting retail prices by approximately 30%, in order to attract a broader clientèle, notably 25 to 35-year-olds. They also forged closer links with Uniqlo, dropping joint capsule collections and opening shop-in-shops within Uniqlo stores.
Comptoir des Cotonniers, which became part of Fast Retailing exactly 20 years ago, was an extremely popular brand in the 2000s and 2010s in France, characterised by a casual-chic style and adverts chiefly featuring mothers and daughters. The brand was founded in 1995 by the Elicha family, opening its first stores in the Toulouse area.
Princesse tam tam was created 10 years earlier, in 1985, designed by the sisters Loumia and Shama Hiridjee. It carved out a niche for itself in the French fashion landscape with its brightly coloured underwear and swimwear featuring successful prints, taking a sideways step from classic French lace items.
Another two fashion chains active in the French retail sector are therefore adding their names to the list of defaults, following the first tremor caused by Camaïeu going into liquidation in 2022. Recently, Jennyfer has liquidated most of its assets, as did Café Coton, while Naf Naf and André have both been placed in receivership.
By initiating these proceedings, Fast Retailing has made the decision to no longer give financial support to Princesse tam tam and Comptoir des Cotonniers, and to stop feeding them cash. However, the group is doing extremely well on a global scale. In H1 of fiscal 2024/25, its net income jumped 19.2% to reach ¥233.5 billion (€1.4 billion). Revenue in the period grew by 12% to ¥1.790 trillion (€10.7 billion).
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