China's Icicle Emerges as Hot Bidder for Luxury French Brand

Chinese apparel-maker Icicle has made a bid for bankrupt French luxury brand Carven, the result of which is expected to be announced Friday, a source with knowledge of the matter told Caixin.

Icicle, which makes eco-friendly clothes, submitted its offer for a 100% stake in Carven on Thursday, the source said. French news outlet Le Figaro reported Friday that Icicle had made the best offer among seven other potential buyers, including Axara, Cashtex and Lee Cooper France.

The financial details of the deal haven’t been disclosed, but Le Figaro said that Icicle’s bid involved more than 4 million euros ($4.6 million).

Founded in 1945 by designer Carmen de Tommaso, aka Marie-Louise Carven, the fashion house gained its reputation from serving petite women like the creator.

It now provides clothes, footwear, handbags and accessories of all sizes at hundreds of sales outlets around the world. The French couturier died three years ago at the age of 105.

The brand declined in the late 20th century but enjoyed a renaissance after its 2008 sale to Societe Beranger when it was run by Artistic Director Guillaume Henry and CEO Henri Sebaoun.

Since Henry's departure in late 2014, there were many changes in designers and sales halved in the following three years, according to French media. In 2016, its Hong Kong-based distribution partner Bluebell Group took a majority stake.

The financially struggling French label was placed into receivership by the Paris Commercial Court in May this year and has been actively seeking a buyer.

Based in Shanghai, lower-profile Chinese contender Icicle has been eager to expand abroad. It created a sub-brand offering Parisian styles in 2012 and set up a Paris office in early 2014.

Icicle is among several peers from China ramping up their fashion portfolios through overseas acquisitions. Conglomerate Fosun Group purchased a majority stake in French brand Lanvin and textile giant Ruyi Group owns Bally, Aquascutum and Gieves & Hawkes.

Contact reporter Coco Feng (renkefeng@caixin.com)