Fashion
Mayer & Cie files for insolvency under self-administration
On 23 September 2025, Mayer & Cie., a manufacturer of circular knitting and braiding machines in Albstadt, filed an application for the opening of insolvency proceedings in self-administration at the Hechingen District Court.
On September 23, 2025, Mayer & Cie, a 120-year-old Albstadt-based maker of circular knitting and braiding machines, has filed for self-administered insolvency.
Hit by global crises, cheap Chinese competition, and a 50 per cent sales slump, the 280-employee firm seeks restructuring while continuing operations.
Lawyer Martin Mucha supports management; Ilkin Bananyarli is provisional administrator.
Mayer & Cie. specialises in the manufacture and sale of circular knitting and braiding machines, almost all of which are exported and are valued by textile manufacturers worldwide. The company is owner-managed in the fourth generation and recently celebrated its 120th anniversary. Mayer & Cie. employs around 280 people at its headquarters in Albstadt. Their wages and salaries are secured for three months via the insolvency benefit.
Mayer & Cie. operates in a market that is currently in turmoil due to global events. For example, the trade conflict between the USA and China and the war in Ukraine led to reluctance to invest worldwide. Turkey, an important export market, is struggling with high inflation, which means that textile manufacturers there are no longer competitive. At the same time, state-subsidized manufacturers from China offer their textile machines at low prices on the world market. This led to a slump in sales of almost 50 percent last year – with increased costs at the same time.
Self-administration offers companies a legal framework to reposition themselves while business operations are ongoing. In contrast to regular insolvency proceedings, corporate responsibility remains in the hands of the management, which controls the restructuring itself. She is supported by the experienced restructuring expert Martin Mucha from the law firm Grub Brugger, who joins the company as a general representative. In self-administration, the competent local court does not appoint an insolvency administrator, but a (provisional) administrator. The latter monitors the proceedings in the interest of the creditors. Attorney Ilkin Bananyarli from PLUTA Rechtsanwalts GmbH has been appointed as the provisional administrator of Mayer & Cie.
“On Thursday, together with the management, I informed the workforce about the insolvency application. At the same time, the necessary steps were taken to maintain business operations. We intend to continue business operations as usual and will concentrate with all our commitment on maintaining the company’s core competencies,” explains attorney Martin Mucha.
Note: The headline, insights, and image of this press release may have been refined by the Fibre2Fashion staff; the rest of the content remains unchanged.
Fibre2Fashion News Desk (HU)
By
Bloomberg
Published
September 26, 2025
Valentino SpA is in talks with creditors after a slowdown in demand for luxury goods led to a decline in its results, resulting in the fashion house breaching the terms of its debt, according to people familiar with the matter.
The Italian company, owned by Qatar’s Mayhoola for Investments and Kering SA, is seeking relief on its covenants after its debt-to-earnings ratio surpassed the threshold set in its credit agreement, said the people, who spoke on the condition of anonymity because the deliberations are private.
Valentino has been hurt by a global luxury downturn, fueled by economic uncertainty and rising tariffs, that has led consumers to curb spending on high-end goods. The design house, known for its Rosso Valentino crimson, first breached its covenants in December, the people said. Still, performance has deteriorated significantly, with a decline in earnings during the first half of 2025.
The bulk of Valentino’s debt is comprised of a €530 million ($619 million) financing provided last year by a pool of banks, including Intesa Sanpaolo SpA, Banca Monte dei Paschi di Siena SpA, Banco BPM SpA, and BNP Paribas SA, according to corporate filings seen by Bloomberg. The contract, signed in July 2024, stipulated that Valentino had to maintain a specified net debt-to-earnings ratio, which was to be tested every six months, according to the documents.
Valentino, Mayhoola, and Kering didn’t respond to requests for comment. Intesa, Banca Monte dei Paschi, and Banco BPM declined to comment, while BNP Paribas didn’t respond.
Falling profit
Gucci owner Kering acquired an initial 30% stake in Valentino in 2023 and extended an option to buy the remaining stake from Mayhoola until 2029 this month.
Kering’s investment was viewed as a means to mitigate its exposure to Gucci, which accounts for the majority of its profits and has struggled in recent years.
However, the design house reported a 2.8% drop in revenue to €1.31 billion in 2024, while Ebitda fell 21% to €248 million, according to a Valentino statement in April. The decline was attributed to a reduction in wholesale revenue and a slowdown in European and Chinese markets.
A report by consulting firm Bain & Co. in June projected a contraction in the sector of between 2% and 5% this year.
Including leasing liabilities, Valentino’s net debt stood at €1.08 billion as of Dec. 31.
Valentino has undergone management and design changes over the past 18 months, with Riccardo Bellini joining as chief executive officer at the start of September.
Robert Johnston has been promoted to chief operating officer from his previous role as executive vice president, operations, and Doug Kelliher has been appointed executive vice president, product. Kelliher will join the company’s global leadership team, while Johnston continues in his leadership capacity. Both executives report directly to CEO Gary Smith.
The LYCRA Company has announced leadership changes to drive growth and innovation.
Robert Johnston, a 35-year veteran, is promoted to COO, expanding his role to include product development alongside operations and IT.
Doug Kelliher, with 30+ years in product leadership, joins as EVP, product.
Both report to CEO Gary Smith, aiming to accelerate innovation and deliver value-driven solutions.
Robert Johnston, Chief Operating Officer
Johnston, a 35-year veteran of The LYCRA Company and its predecessor organizations, will expand his leadership to include product development, in addition to his current oversight of global manufacturing operations and IT. In his new role, Johnston will manage R&D talent, lab resources, and pilot production to drive innovation across the product portfolio, supporting strategic growth priorities identified by Kelliher’s team.
“I’m honored to take on the role of Chief Operating Officer and help shape the future of our innovation pipeline,” said Johnston. “Our teams around the world are deeply committed to excellence, and I look forward to working across functions to strengthen our operations and advance product development.”
Doug Kelliher, EVP, Product
Kelliher will lead the product management team in developing and executing strategy across fibers, fabrics, and garments. His team works to deliver differentiated solutions that add value and meet the needs of today’s consumer. With more than 30 years of product leadership experience at Timberland, Velcro Companies, Polartec and Milliken & Company, Kelliher brings deep expertise to his role.
“I’m thrilled to join The LYCRA Company and contribute to its legacy of innovation,” said Kelliher. “With the strength of our global team and a clear focus on differentiated products that fulfill market demands, I’m confident we can unlock new growth opportunities and deliver exceptional value to our customers.”
“As the apparel industry continues to evolve, our focus remains on delivering high-performance solutions that meet consumer needs and help brands and retailers differentiate and thrive,” said Gary Smith, CEO of The LYCRA Company. “Doug and Robert bring exceptional leadership, vision, and industry expertise to their roles, strengthening our ability to co-create with customers, accelerate innovation, and bring transformative technologies to market faster and more efficiently.”
Note: The headline, insights, and image of this press release may have been refined by the Fibre2Fashion staff; the rest of the content remains unchanged.
Fibre2Fashion News Desk (HU)
Published
September 26, 2025
Newcastle’s premier shopping and leisure destination Eldon Square has unveiled a creative mural as part of a collaboration with Newcastle College.
The 24-metre mural showcases the work from fashion students across multiple courses, featuring mood boards, sketchbook pages, technical fashion flats, illustrations and styled photography, “giv[ing] a view into the creative process that drives emerging design talent”.
The joint project, which will feature at Eldon Square for several weeks, reflects a commitment “to promoting the future of fashion in the North East and giving students real-world experience, along with a platform to highlight creativity beyond the classroom”.
And we’re told that “by displaying their work in a busy public space, the initiative bridges the gap between education and industry, helping with confidence and professional exposure”.
The project spotlights students from multiple courses in the college including FdA Fashion Design and Innovation Technologies, FdA 3D Garment Design and Product Development, BA Hons Creative Practice and BTEC Extended Diploma in Fashion and Textiles.
Helen Cowie, centre director at the mall said: “Eldon Square is more than just a shopping destination, it is a place where community and creativity can come together, and this collaboration perfectly illustrates this. We’re excited to show it to the wider Newcastle community and show them the exciting future the city has in this space.”
Libby Lagun, head of Curriculum for Art & Design at Newcastle College, added: “This mural celebrates both the creative process and the incredible talent of our students. From early sketches to finished designs, the mural depicts the full timeline of bringing projects to life. Having their work on display in such a central space is an invaluable opportunity for them to share their vision with the wider community.”
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