One more French fashion house is facing tough times. Vionnet announced their closure, by entering voluntary winding up; the same goes for their holding, NVO. The company’s activities are going to be provisionally suspended. “Our brand is looking for investors to achieve a new position in the market”, claimed Kazakh Goga Ashkenazi, president and creative director of the fashion brand, in the corporate press release. She pointed out that Vionnet is currently planning to reshape their activity while striving hard to carry out new and innovative development strategies, in terms of sustainability, therefore replacing the former ones, so far implemented, which proved to be far too expensive. In other words, Vionnet (founded in Paris, in 1912, by Madeleine Vionnet, subsequently bought out by Matteo Marzotto and Gianni Castiglioni, and, finally, acquired by Ashkenazi, in 2012) realized that sustainability can be expensive, and causes prices to rise too much. Long story short, the brand is going to search for green manufacturing solutions which will however enable them to keep costs and prices “more balanced”, so to speak. Likewise, another brand, namely Alexander Wang, is facing a difficult situation, since Lisa Gersh, who has been the chief executive officer for slightly more than a year, is about to quit her managing office. As reported by Business of Fashion, Wang himself will provisionally take over as new CEO, waiting for a new manager to be appointed. The company is currently committed to implementing a few business strategies to develop and enhance their online sales channel, while aiming, in the next months, to add new product categories and new markets as well.
Vionnet enters voluntary winding up due to sustainability costs. Alexander Wang to appoint a new CEO
