The Lafuma Group put plans to increase its existing shares by up to 50 percent on hold after announcing revenues contracted substantially in the second quarter of fiscal 2012/13 and will significantly affect its results and asset values for the period.
The struggling French company’s board of directors had announced plans to issue more stock Jan. 15, when it disclosed that Lafumas General Manager Philippe Joffard had resigned and sold his familys 15.2 percent stake in the company to Calida Group, a publicly traded Swiss company. Calidas CEO and long-time Lafuma director Felix Sulzberger took control of Lafuma and said Calida would participate in Lafumas planned capital increase to increase its holdings of the company to 29 percent of the company.
Lafuma will now instead focus on reorganizing its capital structure. Sulzberger will present Lafumas new development plan in June 2013, when interim financial statements covering the first two quarters of the fiscal year are to be released.
Lafuma reported Jan. 31 that sales from continuing operations in the first quarter of fiscal 2012/13 fell 15.7 percent on a currency-neutral basis to €41.3 million.
Lafuma Group owns the Lafuma, Millet and Eider outdoor brands and the Oxbow action sports brand. It divested its Le Chameau equestrian lifestyle brand for €16.5 million in 2011, when it was nearly acquired by a Korean company that went on to acquire K-Swiss in January.