Chargeurs takes majority stake in Cambridge Satchel Company
The majority stake in The Cambridge Satchel Company has been acquired by Chargeurs, a French textiles business.
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.
The Cambridge Satchel has not made a profit since 2014 and last year it was revealed to have lost nearly £2million.
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.
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