Laur L German Parent Company Filed For Bankruptcy Reorganization

Germany was acquired only in September last year.

Brand Laur e l in mainland China

The Shenzhen company of the right, usufruct and ownership of the company received a news: because of the failure of debt restructuring, Laur l Germany's parent company applied for bankruptcy reorganization.

Laur L is the brand of Shenzhen women's wear.

In May 2015, the first brand bought after the listing, in the early November at the temple fair in Beijing, the singer also brought Laur l to the show ground.

Laur L Brand once belonged to Hugo Boss and Joop, also known as one of the three largest luxury group in Germany. But after a management buyout, the brand born in Munich began to operate independently from 2004.

It was reported that Laur l also reached a takeover agreement with Shenzhen orient fashion Asset Management Co., Ltd. in September last year.

The agreement requires its creditors to agree to the return on investment of 22% bonds, and to abandon interest on bonds before September 1st and to postpone payment of interest from November 16, 2016 to June 30th 2017 2016.

However, the vote of the first creditors meeting did not reach the quorum, and the meeting originally scheduled for November 14th was cancelled.

From all kinds of information, the intention of Laur L's acquisition is very clear. It is under financial pressure all the year round. Its operating income in the 2015 fiscal year has lost 2 million 400 thousand euros, and its sales have fallen by 10.5% to 3 million 650 thousand euros.

It's usually a good time to merge when the target performance is sluggish, but things have obviously become more complicated.

A year after the acquisition, Laur e l announced the announcement on the official website recently, saying the company's strategic reorganization investment has been cancelled.

The announcement mentions the possibility of a strategic investor, Shenzhen orient fashion Asset Management Co., Ltd., which will also cancel its investment. Laur l will apply for protection procedures to the Munich district court when it is unable to repay its debts.

In September last year, he bought a 100% stake in Dongming international investment (Hongkong) by investing 11 million 180 thousand euros, and jointly acquired the design rights, usufruct and ownership of Laur L, owned by Dongming international investment (Hongkong).

After the acquisition, Xia Guoxin CEO has said that it will help Laur l to expand 100 independent stores in China in the next 3 years and open up the Chinese market.

According to people familiar with the matter, to the interface news, before the purchase agreement was reached, a number of companies contacted with Laur L. Before the acquisition, Laur l had some liabilities, but at that time, the brand had not been in such a violent turbulence in its operation.

"Generally speaking, European companies have debts, but the gene of Laur L is fairly good, and the company's pformation of shareholders is also very common. The recent decline of Laur L in the Russian market may be related to the incident.

Of course, this has something to do with the global market. "

The person familiar with the matter said.

It is reported that the traditional way of overseas acquisition is EBITDA acquisition.

EBITDA is often used by private capital companies to calculate business performance, especially for those who need to refinance, but it also has weaknesses. It is easy to divert investors' attention from high debt and expenses.

But that may not mean that he will lose his blood.

It is worth noting that the acquisition of Laur L by song is completed through equity purchase, but it is mainly owned by its assets in China.

The advantage of asset acquisition relative to equity acquisition is that the scope of investigation is small, so long as we confirm the value of assets and the value of assets themselves.

From the proclamation of the Shenzhen song's Limited by Share Ltd on the acquisition of assets, we can see that in the 11 million 800 thousand euro used by the company, 8 million 500 thousand euros are used for Laur L, and the remaining 2 million 680 thousand euros will be paid to the 100% equity holder of Dongming International investment (Hongkong), Feng Weiping.

After the entry into force of the contract, he dispatched a takeover officer to Hongkong to manage Dongming international, while Laur l later registered in China, registered to apply for registration, all trademarks that were intended to be amended and other rights were bought up by George.

Prior to the interview with the interface, the director of Ge Li Si, deputy general manager and Secretary of the board of directors, Lan Di said that resources such as Laur L's global design and operation will be shared with the song, and the design ability of the local brand may also be trained, which is the direct benefit of the song.

In addition, in January 2016, Dongming international has also invested 65% equity investment in Hongkong Tang Li International Holdings Limited, a wholly owned subsidiary of the great singer, to win the brand ownership of the US brand Ed Hardy in Greater China.

"In recent years, domestic companies have thrown olive branches on overseas assets. This is also a direction for China to encourage foreign investment.

Laur L is the first acquisition of the company. It is prudent to acquire only the rights of mainland China. Ed Hardy expands to acquire the Greater China region. The latest acquisition of the French brand IRO is a global takeover. Such a decision is right. Mergers and acquisitions are both earnings and risks. Brands should see more whether the company's global business is in healthy operation, not just in China.

The former insider said.

Laur l filed for bankruptcy protection notice

In fact, enterprises fail to apply for bankruptcy as the core of asset liquidation, and reorganization can also be an important part.

After understanding the German bankruptcy law, it will find that its handling of enterprises is more flexible than that of the United States and other countries. It stipulates that bankrupt enterprises can make full use of assets, and can also make use of future profits to repay debts by letting companies continue to exist.

At present, we do not know which way Laur Germany L has used.

But with Germany's bankruptcy filing, the degree of freedom of operation in the Chinese region may be different.

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"This is not necessarily the case," said Yu Yun Ting, a senior partner of Shanghai Da Bang law firm and an intellectual property lawyer.

Although the other party has filed for bankruptcy, if the contract price has already been paid, such as the authorization fee, it is theoretically possible to continue to use the brand, design and change in the original agreement.

Sometimes, the brand side will give partners a lot of restrictions. If they fail to do something after bankruptcy, it will be good news for the authorized person.

Of course, after the bankruptcy of the brand has no reputation in business, consumers are not buying it is not allowed.

In the face of the subsequent impact, the insider revealed: "Germany's Laur L Laur is still in normal operation, and German Laur L Laur and China Laur l will continue to maintain exchanges and cooperation in design and development, which is not directly related to the change of shareholders in Germany Laur L.

The company has the ownership of Laur L in China, and its operation is healthy and steady.

The two markets of China and Germany can still maintain good cooperation in the future.

According to the latest stock market research report today, Everbright Securities reported that the Laur L Brand achieved 13 million 810 thousand yuan in revenue. It has opened 7 direct outlets in China and 1 distribution stores, and plans to increase the number of stores to 20 in the first half of next year. The brand requires the company to build its own R & D team and channel construction and investment, and expects to achieve breakeven in 2017.

In recent years, more and more Chinese companies seeking pformation have acquired overseas brands. Cheng Weixiong, founder of Shanghai Liang Qi Brand Management Co., Ltd. believes that because many European fashion companies are not listed companies and their financial situation is opaque, Chinese companies need to be more careful before takeover.

In addition to a more careful and conscientious investigation, Chinese companies can also accumulate experience through the help of professional investment companies before takeover.

When he bought IRO this year, he realized the indirect acquisition with the help of a more professional investment organization, Fosun Group. Guo Guangchang, chairman of Fosun Group, said to the interface, "capital operation experience is very important for any listed company, which can effectively enhance the competitiveness and sustainable development ability of enterprises.

More and more Chinese garment enterprises have joined overseas professional acquisitions like Fosun, and the capital operation capability and overseas M & A experience of professional investment institutions are needed by most traditional industry companies.