She designs wonderfully beautiful garments and one of her iconic ribbon skirts even hangs in Queen Máxima’s wardrobe. That is why the following news comes as a shock: Lena Hoschek is insolvent and started restructuring proceedings for her company at the Vienna Commercial Court on Tuesday.
“We have not taken this decision lightly, but given the current challenges we have reached a point where, as a responsible entrepreneur, I must request a restructuring procedure,” a spokeswoman announced via broadcast.
The reasons given are drastically changed general circumstances, such as the corona pandemic, persistent delivery problems and delays, which have significantly affected operational activities.
Goal: Continuation of the company
The creditors are offered a 20 percent quota, with the clear aim of continuing the company, it is said. The restructuring process is necessary to secure the long-term future of the company. The company was also burdened by past issues due to the pandemic, deterioration in financing conditions and necessary prepayments.
Lena Hoschek GmbH was founded by the fashion designer in 2005 and has developed into a well-known Austrian fashion company. It operates boutiques in Vienna and Graz, has an international online shop and supplies to approximately 95 trading partners worldwide. The company employs approximately 60 people.
Hoschek emphasizes that the primary goal is to secure the future and employment. They have developed a comprehensive restructuring concept and are optimistic that they can stabilize the business and continue to run it successfully in the long term.
Distinctive “Slow Fashion”
The expensive brand stands for “slow fashion, female empowerment and an unmistakable design signature”. The fashion is characterized by “high-quality craftsmanship, timeless design and sustainable production methods in Europe”.
Hoschek’s designs are strongly inspired by the 1950s and folkloric influences. In addition to ready-to-wear clothing, she also makes traditional costumes. Since 2010, she has regularly presented her collections during Berlin Fashion Week.
Source: Krone
I’m Ben Stock, a journalist and author at Today Times Live. I specialize in economic news and have been working in the news industry for over five years. My experience spans from local journalism to international business reporting. In my career I’ve had the opportunity to interview some of the world’s leading economists and financial experts, giving me an insight into global trends that is unique among journalists.
