THROUGH ITS PORTUGUESE SUBSIDIARY, TEXTIL GRAMAX INTERNACIONAL, THE GERMAN-SWISS INVESTMENT FUND GRAMAX CAPITAL AG BOUGHT HUIT IN OCTOBER...A BLESSING FOR THE FRENCH LINGERIE BRAND THAT WILL CELEBRATE ITS 50TH ANNIVERSARY IN 2018
Huit was only acquired by Canat (Trendy Capital) in July 2016 but by the end of May 2017, it found itself once again placed in receivership, at the request of its former owner. Just months after being sold to Canat, the brand of lingerie and swimwear was once again on the look out for a new buyer. On October 18th, 2017, the recovery of Huit by Textil Gramax Internacional, part of German-Swiss investment fund Gramax Capital AG, was decided by the Rennes Tribunal of Commerce.
Gramax Capital AG entered the world of textile and lingerie manufacturing through their subsidiary Gramax Textile GmbH who bought over one of the Triumph Group International's production sites in 2016. Located in Portugal, close to Lisbon, the company now called TGI Portugal has around 500 qualified employees and boasts an annual turnover of 35 million euros.
"Huit will become Huit GT, a company constituted by French law, which belongs 100% to Textil Gramax Internacional and benefits from not just financial support but also assistance in terms of production capacity" clarifies Thierry Mercier, Commercial Director of Huit GT SAS. "Our first objective will be to reintroduce Huit products in the market and to show that we have the capacity to produce and deliver. We are, therefore, delivering lingerie for FW 18-19 and lingerie and swim for SS18, created at Huit's former production site. Of course, we are already working on FW 18-19 and this season will mark Huit's fresh start where our products are created in Portugal and the creation of photos of the new collection for catalogs and the press. Alongside the image of the brand, Huit will have continuity, conserving its DNA."
Born in Rennes, France in 1968, thanks to the new beginning offered by Gramax, Huit will celebrate its 50th anniversary in 2018.