Acquisition of Hawick-based cashmere firm Barrie Knitwear by French fashion house Chanel is now official.
Announcing the acquisition, Chanel’s Fashion President Bruno Pavlovsky said the acquisition is a reiteration of their commitment to traditional art and expertise. Barrie has served Chanel for over 25 years as a supplier of cashmere knitwear, including Chanel’s well-known two-tone cashmere cardigans, he added.
Barrie was facing a closure threat after its previous holding firm – the 140 year old textile conglomerate Dawson’s – was placed under administration in August this year, due to pension liabilities, putting around 176 jobs at stake.
In a statement following acquisition, Chanel said their acquisition of Barrie has saved a premium cashmere knitwear supplier, catering to some of the world’s leading couture houses, including Hermes, from closing down.
Chanel said it would retain the entire existing workforce at Barrie.
Chanel’s foray in the British textile market formed a part of its long-established policy of safeguard and if required to acquire its valuable suppliers. The acquisition took place under supervision of KPMG Scotland.
Source:
http://www.fibre2fashion.com/news/apparel-news/newsdetails.aspx?news_id=117094
