PARIS — French on-line retailer L’Exception has been acquired by Hong Kong-based asset administration agency AA Investments, becoming a member of a quickly rising group that additionally contains French vogue and residential decor e-tailer Smallable and sneaker resale web site Wethenew.
Founder Régis Pennel revealed the deal in a LinkedIn put up Tuesday, including that he was stepping down with speedy impact. Cécile Roederer, founder and chief government officer of Smallable, will take over the management of the corporate, he added.
“I’m satisfied that L’Exception is now in superb fingers to proceed its growth,” acknowledged Pennel, who was not obtainable to supply further particulars.
It caps a rocky 12 months for multibrand e-commerce platforms. Based in 2011, L’Exception was hit onerous by the coronavirus pandemic, closing its bodily retailer within the Discussion board des Halles buying middle in 2021 and shifting to sustainable vogue accelerator La Caserne the following 12 months.
Regardless of backing from French entrepreneur Jacques Veyrat’s industrial holding group Impala, L’Exception struggled with a slowdown in demand, excessive prices and the rise of DTC gross sales.
Specializing in French and European manufacturers with a sustainable bent, the idea retailer — which launched a direct-to-consumer personal label males’s line in 2018 — had not too long ago reworked right into a market with a view to discovering a purchaser.
AA Investments, managed by the Goshayeshi household behind Iranian magnificence retail chain Safir, has swept up a raft of distressed belongings in latest months, although it has but to stipulate the technique behind the acquisitions.
It has additionally made a bid for Paris-based model Y/Challenge, which was positioned into receivership in September. A Paris industrial courtroom is because of rule on the matter in early January.