SOCO

1997: Renaissance of a renowned leather goods maker

With the help of financial partners, Hervé Descottes recovers the operation of Andrelux SA and Andrelux Industrie that own the rights of brands LE TANNEUR and SOCO. He then sets up the joint-stock company (société anonyme) LE TANNEUR & CIE.

1999: Louis Vuitton Malletier signs up as a new equity partner

Upon issuing new equity for Louis Vuitton Malletier, LE TANNEUR & CIE, the shareholders’ equity rises to 3.7 M€.

2000: Initial Public Offering

LE TANNEUR & CIE is going public on Euronext Paris stock exchange compartment C. The factory located in Bort-les-Orgues (Corrèze) is getting bigger to face an increase in demand from its contractors, famous french fashion houses.

2004: The commission-based affiliation system is launched

For several years, the Group has been accelerating the renewal of its own brands’ collections by reinforcing the women’s collections by LE TANNEUR and by creating collections offering an alternative to the legendary San Diego line by SOCO.
The Group is boosting communication around the brand LE TANNEUR.
Beside its own network of stores, LE TANNEUR & CIE decides to set up a commission-based affiliation system, a modern form of franchise agreement in the fashion industry. The first store affiliated with LE TANNEUR opens in Bordeaux in November 2004.

2006: Adopting a model of pure marketing and distribution operator

LE TANNEUR & CIE is reengineering its subcontract manufacturing model for its own brands in order to increase profitability.
The effort put in retail distribution leads to more customers in the outlets. The Group seeks to develop more and more and is opening many affiliated stores.
The bag for women Matilde by LE TANNEUR is a real hit.
Louis Vuitton Malletier is selling its shares to Hervé Descottes and to the investment fund Développement & Partenariat IV.

2007/2008: Increase of popularity of LE TANNEUR as a brand with its own shops

The outlets are welcoming even more and more customers, new stores are opening and among them in 2007 the main showcase of the Group in the Carrousel du Louvre.
First full year for the marketing of the bags collection of the co-branding AIR France by LE TANNEUR.

2009: Resisting the crisis

Despite a degraded economic environment, the activity of the controlled distribution on a like-for-like basis is still growing. The Group hits a record of 11 store openings in a single year.
A secondary equity offering of 2.7 M€ with preferential right of share subscription is 111% subscribed in June.

2010: Back to growth for all activities

Retail distribution under the name LE TANNEUR is growing again with 11 new stores.
LE TANNEUR is awarded the prize “L’Enseigne d’Or” of renovation for its new concept of stores launched in 2009.

Getting financing: lease-back, equity loan, bank loan.
Transfer of the manufacturing branch for luxury houses to the solely owned subsidiary “MAROQUINERIE DES ORGUES”.

2011: Qatar Luxury Group becomes the majority shareholder

On May 18th, Qatar Luxury Group – Fashion S.P.C., organized under the law of Qatar, bought all shares owned by the family group Descottes, the joint-stock company (SAS) D&P PME IV and the private limited company (SARL) Saint Germain Participations. Grégory Couillard becomes Chairman of the Board, to replace Hervé Descottes who keeps his mandate as CEO. A takeover bid takes places from July 8th to July 21st and the majority shareholder now holds 85.73% of the shares and 85.96% of the rights to vote.

www.qatarluxurygroup.com

Source: letanneuretcie.com