Cambridge Satchel is bagged by the French
BOASTING a Hollywood profile and a roll call of clients that includes Taylor Swift and Lady Gaga, The Cambridge Satchel Company has been credited with creating the ‘British It Bag’. But the iconic fashion brand now appears to have been sold to a French company – textiles giant Chargeurs.
The revelation has been made in company documents that show Chargeurs has taken a stake of at least 75 per cent in Cambridge Satchel.
At the same time, after years of the label racking up losses, three directors have resigned. Two senior executives from Chargeurs have been appointed in their place alongside Cambridge Satchel founder Julie Deane, who remains a director.
Launched in 2008, the company became a social media phenomenon among fashion bloggers, as a series of high-profile celebrity fans pictured with its products helped it gain a global profile.
But Cambridge Satchel has not made a profit since 2014 and last year it was revealed to have lost nearly £2million. At the time, Deane vowed to stick to her guns despite a series of share issues diluting her control and two private equity companies taking significant stakes.
Chargeurs operates in around 90 countries with more than 2,000 people employed across textile technology, fashion and healthcare.
In 2020, the group generated revenue of nearly £700million and has made a series of acquisitions in recent years.