Thomas Meyer acquires 10% Desigual stake from Eurazeo
After posting a 14.5% drop in sales for the first half of 2018, compared to the same period last year, Desigual has announced that Thomas Meyer, the Spanish brand's founder and CEO, has acquired a minority stake in the label, the same stake owned by Eurazeo investment firm. The activity means Meyer is now the sole shareholder in the Barcelona-based label, a move justified by the current "market situation," according to a press release.
Founded in 1984, the firm, which recorded 323 million euros in revenue for the first half of 2018, has been 10%-owned since 2014 by funds group Eurazeo. A partnership which has "allowed the brand to consolidate its international presence and develop a transformation plan."
Such a plan was comprised of a creating new image, most notably seen in the naming of Jean-Paul Goude as its artistic director in 2017, as well as a focus on digital activities.
In 2017, the Spanish firm's revenues fell 11.5% compared to 2016, to 761 million euros. In 2014, when Desigual was acquired by Eurazeo, the fashion brand ended its financial year with sales reaching 963.5 million euros. The company has since tried to stem its revenue decline.
Today, Desigual is present in some 100 countries via more than 5,000 multibrand retailers and 500 namesake stores, employing close to 4,500 people.
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