French households come to the rescue of Duralex | Business | EUROtoday

In the glass manufacturing facility of La Chapelle-Saint Mesmin, within the Loire division, there is likely one of the biggest examples of enterprise resistance in France. Just over 200 employees have made their revolution this final 12 months: attempting to avoid wasting from chapter, with all of the figures towards it, the emblematic model of Duralex glass glasses and plates, these by which thousands and thousands of French individuals, additionally Spaniards, have eaten and drunk within the final 80 years, one of many markets the place they’re most current.

Perhaps due to this sentimental worth that the product has, when Duralex went bankrupt a little bit over a 12 months in the past, workers didn’t hesitate to “do everything possible” to attempt to keep afloat. The rescue plan has been carried out in two phases: in August 2024 they created a cooperative society, grew to become house owners and offered a viability plan to the business court docket. Now, they’ve appealed to the French in order that this time they would be the ones to contribute to the continuity of the manufacturing facility.

On November 3, they launched a fundraising operation by way of a platform, within the type of crowfundingwhich has had an surprising response. In 24 hours, greater than 21,000 individuals had dedicated to investing, with a median quantity of 900 euros. “It was a surprise because we needed five million and in just one day we already had more than 19 million committed,” explains François Marciano, common director of the cooperative. “This has been a complicated year in terms of cash flow, but together we have managed to resurrect Duralex, and now we have to move at a higher speed and modernize the factory,” provides Marciano.

It was he who steered to the employees that they take the reins a 12 months in the past to keep away from the disappearance of the model. It had accrued years of difficulties, partly because of Chinese competitors and the mismanagement of a few of its house owners. The ultimate blow got here with the vitality disaster after the Russian invasion of Ukraine, which pressured the manufacturing facility to shut for a number of months.

They made calculations: they wanted 15 million euros to have the ability to keep the exercise. Marciano proposed that workers change into house owners, however there was additionally political will. The mayor of Orleans, from the conservative Republican get together, and the president of the area, from the Socialist Party, collectively defended the viability of the plan offered by the staff earlier than the Orleans business court docket. The metropolis of Orleans purchased the land and the manufacturing facility for six million euros, the area put up one other million, and the general public funding financial institution and different entities assured the remaining.

“We are very surprised to see the overwhelming response from people. It illustrates the roots and affection of homes for this brand, which is the image of France and has been in every home,” emphasizes the final director. The success has been such that the contribution has been restricted to 1,000 euros. crowfunding“so that everyone who wants can participate.” Duralex won’t elevate greater than 5 million euros, which was the preliminary goal, even though requests quantity to twenty million. Initial contributions vary between 100, the minimal, and 300,000 euros, based on Marciano. In alternate, members purchase securities that grant them a return of 8% yearly, which the corporate should pay inside seven years.

Support messages

“It’s the strength we have. We receive messages from all over France, people who come to the factory and want to give us checks or who tell us that they are going to buy tableware for Christmas. That motivates us a lot to be able to move forward,” says Marciano. 80% of gross sales are made overseas, in order that they have additionally acquired messages from nations like Spain, “where Duralex has a lot of presence,” explains Marciano.

The proceeds shall be used to develop new fashions and purchase new machines, as a result of the present ones are from 1997 and “there have been no investments for 30 years,” he denounces. Its 243 workers have redefined the technique and created a advertising and marketing and gross sales division, which didn’t exist, to get out of Duralex’s classic picture and get well the market shares they’d misplaced.

They anticipate to finish the 12 months with a turnover of 29 million euros. The break-even level is 35 million. They are nearer, however “not safe yet.” “Duralex has become a symbol of resistance against deindustrialization, it has a resilience that is not seen in other companies,” says Marciano, grandson of a glass blower who began working on the firm in 2016.

The firm, which was based in 1945 by the French Saint Gobain group, which invented tempered glass, is now celebrating its eightieth anniversary. In the midst of the invasion of exterior competitors, particularly from China, the 243 employees demand made in France. They wished this fundraising to be “a popular adventure”, in order that the Duralex glasses and plates, which had the slogan “to be practically unbreakable”, can proceed within the properties of the subsequent era.