Turkish SY International buys French apparel brand Naf Naf
June 26, 2020 - France
Struggling French apparel brand Naf Naf was recently bought by one of its suppliers, Turkish fabric manufacturer SY International, after it was placed into receivership in May. It will now be taken over by its French subsidiary, SY Corporate France. The acquisition will expected to save 75 per cent of the jobs in the company’s French operations.
The Bobigny commercial court ruled in favour of the takeover on 19 June. SY, which specialises in textiles and has factories in Turkey, Tunisia and Morocco, was competing with French group Beaumanoir for the deal. Naf Naf's receivers and employee representatives favoured the offer made by the former, while public officials leaned towards the latter, according to European media reports.
SY has been a supplier of Naf Naf for over 30 years.
“We have been working together for over 30 years, and making an offer to buy [Naf Naf], a chain much loved by its customers, was the obvious thing to do. The merger of Naf Naf and SY Corporate France creates a fully integrated group combining speed, style and fashion,” said Selçuk Yilmaz, president of SY Corporate France.