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MarketScreener Homepage  >  Equities  >  Euronext Paris  >  Baccarat    BCRA   FR0000064123

BACCARAT

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Baccarat : Glassmaker Baccarat gets court-appointed administrators as ownership battle rages

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09/08/2020 | 02:35pm EDT

(Corrects Sept 8 story to remove the term "receivership," clarify that court appointed interim administrators)

PARIS, Sept 8 (Reuters) - French fine crystal glassmaker Baccarat said a French court had appointed interim administrators to run the company, after the purveyor of chandeliers and tableware to royalty for more than two centuries was caught up a battle between its Chinese owners and their lenders.

The company said in a statement on Tuesday that the temporary administrators would carry out an independent assessment of its financial situation and try and take stock of conflicting shareholder and creditor demands.

Baccarat, which was founded in 1764 and takes its name from the French town where it still has a factory, was one of several European luxury manufacturers to catch the eye of Chinese investors in recent years.

Fortune Fountain Capital, which describes itself as a family office set up between Hong Kong and mainland China, bought the company in 2017 for 164 million euros ($193 million) hoping to capitalize on surging demand from Chinese consumers for luxury goods, while promising to invest in the firm.

But Fortune has since fallen out with its lenders, which include Asia-focused Tor Investment Management, legal documents seen by Reuters show. That has sparked a fight over the company's strategy and management.

The creditors have called for several Baccarat board members to be replaced, the glassware firm said, adding that a shareholder meeting which had been postponed to Sept. 17 has been put off again. ($1 = 0.8478 euros) (Reporting by Sarah White in PARIS and Scott Murdoch in HONG KONG; Editing by Alexander Smith)


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Sales 2019 164 M 194 M 194 M
Net income 2019 7,04 M 8,33 M 8,33 M
Net Debt 2019 42,8 M 50,6 M 50,6 M
P/E ratio 2019 24,6x
Yield 2019 -
Capitalization 101 M 120 M 120 M
EV / Sales 2018 1,26x
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Nbr of Employees 997
Free-Float 2,84%
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Daniela Riccardi Chief Executive Officer
Zhen Sun Chairman
Pascale Amiel Chief Financial Officer
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Kevin Sims Director
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