Read on FashionNetwork.comParis Court Approves IKKS Acquisition by Cucci and Benabou, Securing 546 Jobs
The Paris commercial court has approved the acquisition bid for French premium ready-to-wear retailer IKKS by Santiago Cucci and Michaël Benabou. The decision ends months of uncertainty, securing 546 jobs and the operation of 219 stores in France. The new owners plan to streamline operations, focusing on the core IKKS brand's womenswear and menswear collections while putting childrenswear on hold. This move represents a significant restructuring for the group, which entered receivership in September 2025 after its main shareholders expressed their wish to sell.
The French fashion retail landscape witnessed a pivotal development on December 12, 2025, as the Paris commercial court rendered a decisive verdict on the future of premium ready-to-wear specialist IKKS. The court approved the acquisition bid submitted by Santiago Cucci and Michaël Benabou, bringing closure to a receivership process that had cast uncertainty over the company's operations and workforce. This ruling not only determines the strategic direction of a recognized brand but also safeguards hundreds of jobs within the French retail sector.
The Court's Decision and Acquisition Details
Following a competitive receivership procedure involving multiple prospective buyers, the Paris commercial court selected the offer from Santiago Cucci, the president of the group's holding company HoldIKKS, and Michaël Benabou, co-founder of the event sales platform Veepee. The approved bid, which was revised upward to become more compelling, encompasses a significant portion of IKKS's French operations. According to the court's details, the acquisition covers 219 stores in France. This portfolio includes 92 directly owned stores, 100 franchised locations, and 27 concessions within Galeries Lafayette department stores. Crucially, the transaction secures the employment of 546 staff associated with the directly owned stores.
Strategic Focus for the New Ownership
Cucci and Benabou have outlined a clear strategy for the revitalized IKKS. Their plan involves operating a more streamlined and focused store fleet, moving away from the group's previous broader structure. The new ownership will concentrate exclusively on the core IKKS brand, prioritizing its womenswear and menswear collections. Notably, the childrenswear segment, which previously accounted for 21% of the IKKS brand's revenue, has been put on hold. This strategic refocusing is a direct response to the group's pre-receivership performance, where womenswear generated 64% of brand revenue and menswear 15%. The decision also reflects the complex nature of the sale, as none of the purchasing bids covered the group's other brands, One Step and ICode, or the childrenswear business in its entirety, leading to the closure of some related stores.
Background: The Path to Receivership
The IKKS group, a leading international player in the premium ready-to-wear segment with several hundred retail outlets across nine countries, initiated a receivership process in September 2025. This action followed the expressed desire of its main shareholders—US investment funds Avenue Capital, CarVal Investors, and Marathon Asset Management—to sell the company. The path to new ownership was complicated by the group's structure, being split into several legal entities, which meant no single bid could acquire the entire operation. Prior to the sale, the group had undertaken a design makeover for its collections in the summer and had begun streamlining its store fleet, which numbered 550 locations at the end of 2024.
Rejected Bids and Market Context
The court's decision came after evaluating several competing offers. A joint bid from sustainable fashion brand Faguo and the French group Beaumanoir (owner of Morgan and Caroll), which offered €1 million for the IKKS brand name and some stores, was rejected. Other unsuccessful bids included those from Amoniss (a shareholder in Pimkie), BCRI Holding (owner of Café Coton), and AA Investments (owner of Smallable and L'Exception). The company Verdoso, the new owner of The Kooples, withdrew its bid prior to the final hearing. The selection of Cucci and Benabou's bid highlights the court's prioritization of a proposal that preserved the largest number of jobs and stores.
With the court's approval, IKKS embarks on a new chapter under the leadership of Cucci, a former senior executive at Levi's and strategic advisor to G-Star, and Benabou. The immediate task is to stabilize operations and implement the streamlined strategy focused on the core adult apparel collections. For the 546 employees whose jobs are secured, and for the broader French fashion retail industry, this decision provides much-needed clarity and the hope that IKKS can regain its momentum as a recognized name in the premium segment. The success of this acquisition will be measured by the brand's ability to adapt to a refined market position and reconnect with its customer base.
