Clergerie Stablemate Heschung Under New Ownership
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PARIS — A week after its former French Legacy Group stablemate Clergerie was snapped up by U.S.-based Titan Industries Inc., high-end footwear-maker Heschung also has new backing, thus avoiding liquidation.
PPL Finance, managed by investor Philippe Catteau, has taken an undisclosed stake in the company. It has been renamed Heschung & Cie., and Catteau will now co-manage the brand alongside Pierre Heschung, the grandson of the brand’s founder.
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Their previous owner, French Legacy Group, entered receivership in April, citing long-tail effects of the pandemic and the war in Ukraine. “It’s a positive outcome for the Alsatian company, struggling due to the setbacks of its shareholder French Legacy Group, which recently entered receivership,” the company stated.
Heschung said it is “committed to investing with a long-term vision, capitalizing on the brand’s values: authenticity, quality and French fabrication.”
“Our production will be maintained in Alsace, and we will invest massively in local production and keep on the entirety of our workforce, both in stores and in the factory,” a spokesperson for Heschung explained.
In contrast, Clergerie’s new American owner has been criticized in France for plans to lay off 55 percent of its 134 employees and to transfer production abroad. It paid 700,000 euros for the Clergerie name and committed to investing 6 million euros in the brand, which initiated a turnaround effort in 2020.
French Legacy Group, a holding company controlled by private equity fund Mirabaud Patrimoine Vivant that was created with the aim of protecting the skills and heritage of the French footwear and leather goods sector, also owns the Avril Gau and Violet Tomas trademarks. It acquired Clergerie — then Robert Clergerie — from First Heritage Brands and fashion executive Jean-Marc Loubier in 2020, and added Heschung to its stable in late 2021.
Heschung, a specialist in Norwegian stitching, is due to celebrate its 90th anniversary next year. It is targeting 10 million euros in sales this year, and plans to invest in digital, communication and international development as well as in production, starting this year.
Clergerie was founded by Robert Clergerie in 1981 and manufactured shoes in its own factory in the historic shoemaking capital of Romans-sur-Isère, France. While the factory will continue to operate, it is understood that capacity will be significantly reduced, with much of its future production to be done in India, China and Morocco.
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