Editor’s Note
French eco-luxury jeweler Courbet, backed by Chanel, has entered judicial reorganization to secure its future. As the company seeks new capital, three takeover bids are now under consideration. This development highlights the ongoing challenges and strategic pivots within the sustainable luxury sector.
French jeweler Courbet, a specialist in lab-grown diamonds and recycled gold, filed for judicial reorganization (redressement judiciaire) in November last year to restructure. Founded in 2018 by Manuel Mallen and Marie-Ann Wachtmeister, the company, which is notably backed by Chanel, is seeking capital to pursue its eco-luxury ambitions. Three candidates have submitted takeover bids to the Paris Commercial Court.
The first bidder is Mohamed Jaidah, a Qatari businessman and existing shareholder of Courbet, who aims to expand the brand’s presence into new markets while preserving its core identity. The second is Fenix Diamonds Belgium, the European subsidiary of the Indian group Fenix Diamonds, which is banking on its industrial synergies in the synthetic diamond sector to revive the brand. The third offer comes from Tya Finance, a company led by French entrepreneur Stéphane Collaert, who had already acquired the Lyon-based jewelry brand Cégéor Créations in 2023.
According to media outlet Glitz, Courbet’s expansion into China and the associated costs are believed to have precipitated its need for reorganization. This information was confirmed to FashionNetwork.com by the jewelry house, which emphasized that its entry into the Chinese market was bold but occurred at an unfavorable time. The company highlighted challenges including local competition in the synthetic diamond sector, though it did not explicitly mention a general decline in consumer spending in the country.
Based at Place Vendôme, Courbet is one of the pioneering houses in using lab-grown diamonds in its jewelry creations. In 2020, the brand raised 8 million euros in funding from investors including Raise Ventures and Hylink, described as China’s largest digital communication agency. The stated goals at the time were to deploy the brand in France and internationally, fund research, and invest in French diamond production. In 2021, the company reported a turnover of 5 million euros, with 80% generated in Europe. However, by 2023, this figure had fallen to just under 4 million euros.
The company has expressed satisfaction with the submitted takeover offers and is expected to announce the project selected by the court in early June.
