Kings of Indigo seeks ‘restart’ after bankruptcy
The owner of Dutch denim label Kings of Indigo, a Denim Deal signatory founded over a decade ago, has filed for bankruptcy after shareholders failed to refinance its parent company, KOI International.
Committed to a living wage for its factory workers and an early adopter of Milanese denim mill Candiani’s Coreva biodegradable stretch yarn, the brand’s vision for sustainability won it many fans. Ever forward-looking, it is already welcoming interest from parties keen to take its concept further with fresh energy and investment ahead of a “restart” down the line.
In an open letter addressed to “friends, partners and denim colleagues”, shareholders said that they had fought passionately, but an unhealthy financial situation had made any other outcome impossible. Issues with disentangling from ex-parent Varova Fashion, itself bankrupted in 2018, plus the negative effects of covid-19, late deliveries, inflation and “difficulties in production” were all cited as catalysts for seeking out refinancing.
“It hurts to leave behind everything we’ve worked so hard for. But I also feel genuine pride [that we] were able to contribute to showing other brands how to work cleaner and with more care for the people involved in this industry, without compromising on quality," commented Kings of Indigo founder, Tony Tonnaer.
“I wouldn’t have wanted to miss this adventure for the world.”
The brand’s website is not currently accessible, but those who would like to learn more about how to help continue its legacy can email bankruptcy trustee Daan Cohen Tervaert via cohentervaert@btu-advocaten.nl.
Image: Kings of Indigo via Instagram.
