Fashion company Duror Fashion Group, which owns high street brands Terre Bleue, Gigue, and Zilton, has announced bankruptcy and the closure of its accounts. The group is facing a significant loss of over 150 jobs. Despite efforts to reduce costs and increase turnover, the company could no longer manage its debt burden under the leadership of Peter Perquy.
The fashion industry has been hit hard by several factors that have contributed to Duror Fashion Group’s financial struggles. These include the corona crisis, the war in Ukraine, rising energy and raw material prices, inflation, and unpredictable weather conditions. Additionally, the competitive nature of the fashion market with fast-fashion brands, foreign webshops, and second-hand sales platforms like Vinted has put pressure on independent fashion retailers that account for a significant portion of the group’s turnover.
Brands under Duror Fashion Group faced challenges in adapting to changing market demands. Gigue experienced growth in recent seasons while others struggled to keep up with changing trends. The lack of funding and financial relief ultimately led to the decision to close the accounts of Duror Fashion Group and its associated brands.