The legendary French glassmaker, which became a cooperative in July, almost disappeared after yet another receivership in April.
Two days after the opening of its first store in Orléans, and while Christmas gifts in support of the legendary brand multiply, Duralex intends to continue its relaunch.On 4 December the State granted a loan of 750 thousand euros, through bpifrance, to the company producing glasses considered unbreakable and taken over as a cooperative by its employees in July.
While this summer there was discussion about reviving the group, after the State had already saved it for the first time in 2022 (via a loan of 15 million), this new impetus was granted « this summer as part of the recovery » by employeesSaccording to a Duralex spokesperson. Added to this is a state bank guarantee, for an amount of 3 million euros.
Double activity by 2029
Having been in recurring difficulties for two decades, Duralex has been suffering from soaring electricity prices for two years following the outbreak of the war in Ukraine. In the spring, after yet another receivership, it almost disappeared, throwing its more than 200 employees into limbo. the project to acquire SCOP (Società Cooperativa di Produzione) obtained the approval of the Orléans commercial court at the end of July.
After the business fell from 31 million euros to 24.6 million euros in turnover between 2022 and 2023, the group’s approximately 220 employees want to increase this to 40 million by the end of the year. They rely above all on product diversification and new markets.
What are the key benefits of duralex’s transition to a cooperative structure?
Interview: Revitalizing Duralex – A New Chapter for the Iconic French Glassmaker
Editor: Welcome, and thank you for joining us today.We are thrilled to have an expert in the field here to discuss the recent developments surrounding Duralex, a glassmaking institution in France. Coudl you start by giving us a brief overview of the company’s recent transition to a cooperative structure?
Expert: Certainly! Duralex’s transition to a cooperative in July marked a notable turning point in its history. After enduring multiple financial difficulties and nearly facing extinction during a receivership in April, the employees came together to take on ownership. This cooperative model not only empowers employees but also fosters a sense of shared duty for the brand’s future.
Editor: It’s encouraging to see the employees take charge during such challenging times. Following the cooperative transition, Duralex garnered financial support from the state, including a notable loan of 750,000 euros. How does this funding impact the company’s prospects?
Expert: The state loan, provided by bpifrance, is crucial for Duralex’s recovery efforts. It signifies a vote of confidence from the government and offers much-needed financial stability. Additionally, the 3 million euros bank guarantee further solidifies their financial footing. This funding is integral for the company to innovate and diversify its products, which is vital for attracting new markets and reviving revenues.
Editor: What are some of the immediate challenges Duralex is facing, especially considering its history of turbulence over the past two decades?
Expert: One major challenge is the sharp rise in electricity prices, exacerbated by geopolitical events like the war in Ukraine. This has significantly affected manufacturing costs. Furthermore, Duralex experienced a drop in turnover, from 31 million euros to 24.6 million euros between 2022 and 2023.The team’s aspiration to boost turnover to 40 million euros by the end of the year places a lot of pressure on them, but it can be managed with strategic product diversification and tapping into new markets.
Editor: With such enterprising growth targets, what strategies do you believe Duralex should implement to achieve this doubling of turnover by 2029?
Expert: Duralex must focus on several key strategies. first and foremost,investing in product innovation is essential. By diversifying their offerings, they can appeal to broader audiences and tap into new customer segments. Additionally, adopting contemporary marketing strategies, including e-commerce and social media engagement, will be vital in reaching younger consumers who might not be familiar with the Duralex brand. Establishing partnerships with retailers that align with their values can also bolster their visibility.
Editor: Given the ancient significance of Duralex, why do you think it’s essential for consumers to rally behind such a legendary brand?
Expert: Duralex is not just a brand; it represents a legacy of French craftsmanship that dates back to 1945. Supporting Duralex means preserving a piece of cultural heritage. As consumers navigate their shopping choices, opting for brands with a rich history can make a difference. Duralex’s reputation for producing unbreakable glassware promotes sustainability and durability, resonating well with modern consumer preferences for responsible consumption.
Editor: Thank you for sharing your insights! As we look towards the future for Duralex, what’s your final takeaway for our readers?
Expert: The transition to a cooperative model signifies hope and resilience in the face of adversity. By supporting Duralex with purchases and promoting its products, consumers contribute to the revival of a brand that stands for quality and tradition. The journey ahead will be challenging, but with dedicated efforts from the cooperative and backing from the community, Duralex has the potential to write a new, accomplished chapter in its story.
Editor: Thank you for your valuable perspectives today. The future of duralex is certainly of great interest to many, and we appreciate your expertise in shedding light on this iconic brand’s revival.