Connect with us

Headlines

De Grisogono Files for Bankruptcy Amid Scandal

The company was unable to secure a buyer.

mm

Published

on

de grisogono
Shown here is a De Grisogono shop in Gustavia, Saint-Barthélemy, France. Credit: Mattes/Wikipedia, CC BY 2.0 de

Swiss luxury jeweler De Grisogono has filed for bankruptcy after failing to find a buyer.

As a result, 65 jobs could be lost in Switzerland, BusinessDay reports.

“Without financial support from current shareholders, and without a buyer, the solvency of the company is now in question, making the continuation of the business impossible,” the company said in a statement.

Rapaport News reports that the filing comes after the company was “caught up in an alleged money-laundering scandal involving Isabel dos Santos, the daughter of Angola’s former president, and her husband.”

Media reports have stated that De Grisogono was allegedly “propped up with nearly $150m in loans from Angolan entities to pay off the struggling company’s debts and expenses,” according to BusinessDay.

Angola’s prosecutor general on Jan. 22 began an investigation into dos Santos, according to media reports.

Jewelry pieces from De Grisogono, which was formed in the 1990s, have been worn by celebrities such as Paris Hilton, Salma Hayek and Naomi Campbell.

Read more at BusinessDay

Advertisement

SPONSORED VIDEO

Retiring? Let Wilkerson Do the Heavy Lifting

Retirement can be a great part of life. As Nanji Singadia puts it, “I want to retire and enjoy my life. I’m 78 now and I just want to take a break.” That said, Nanji decided that the best way to move ahead was to contact the experts at Wilkerson. He chose them because he knew that closing a store is a heavy lift. To maximize sales and move on to the next, best chapter of his life, he called Wilkerson—but not before asking his industry friends for their opinion. He found that Wilkerson was the company most recommended and says their professionalism, experience and the homework they did before the launch all helped to make his going out of business sale a success. “Wilkerson were working on the sale a month it took place,” he says. “They did a great job.”

Promoted Headlines

Advertisement

Advertisement

Subscribe


BULLETINS

INSTORE helps you become a better jeweler
with the biggest daily news headlines and useful tips.
(Mailed 5x per week.)

Latest Comments

Most Popular