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Steilmann files for administration

The parent companies for German fashion group Steilmann are filing for administration, but have moved to reassure UK stockists that it is “business as usual”.

Steilmann

Steilmann

Steilmann Holding AG and Steilmann SE, the non-trading umbrella companies for the brands are filing for administration, however the trading arm of the firm, Klaus Steilmann GmbH and its UK subsidiary, are “unaffected so far”, according to the firm.

A spokeswoman for the company told Drapers it was “business as usual” in the UK and added the business will “remain in dialogue with [its] customers and update everyone as and when new developments occur.”

Steilmann, which targets the over-45s market, sells clothing under womenswear and menswear brands Steilmann, Apanage, Kapalua and Stones. In the UK it also supplies jackets, trousers and shirts to Marks & Spencer.

In November the firm listed on the Frankfurt Stock Exchange to generate cash to fund acquisitions, expand its distribution network and reduce its debt.

At the time Michele Puller, chief executive of Steilmann, said: “We are offering interested investors the opportunity to invest in one of the leading vertically integrated apparel companies in Germany, which we believe is well positioned for future growth.”

In the first half of 2015, the business reported interim revenues of €417m (£306.9m), up €3m (£2.2m) year-on-year. Adjusted EBITDA decreased €0.9 (£0.7m) to €4.9m (£3.6m). Steilmann will publish its full financial results for the first six months of 2015 on September 30.

Steilmann is owned by the Italian Puller and Giazzi families and entrepreneurs Miro Radici, Edoardo Miroglio and Donato Martinelli.

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