“Starting From Scratch”
The financial, industrial, and logistical challenge was akin to an impossible mission. “Just days before the Games, there was no assurance of delivery, recalls Eric Tanguy, president of the French Volleyball Federation. They couldn’t keep up with production rates and were no longer able to pay their suppliers.” Concerned, the volleyball executive even had to prepare a Plan B, ordering an additional 20,000 euros worth of jerseys from another supplier.
Why couldn’t Le Coq keep up? Primarily, its sole French factory, located in Romilly-sur-Seine (Aube), was responsible for 70% of the athletes’ outfits. “And producing in France is expensive,” notes Aurélie Lienhart, a consultant at the Sports Business Observatory. Moreover, the brand had to develop a variety of techniques and know-how in just a few months, from kimonos to riding pants to tennis shorts. “Even Lacoste had not handled the full range of athletic outfits,” Eric Tanguy is still astonished.
Additionally, the company’s finances were already weakened even before the Olympic Games. “There was a complete restructuring of the shoe range, remembers a source close to the case. Everything was revamped. Naturally, turnover suffered because we were starting from scratch.“
“Le Coq Faced Immense Pressure from the Organizers”
In an attempt to save Le Coq, the Organizing Committee lent it three million euros in July 2024, while the State put up 12.5 million euros. This was in addition to tens of millions of euros in loans guaranteed by the State since 2020.
But this was not enough to stop the downfall. “Those two months of glory precipitated their fall,” summarizes Axel Dutreil. “The technical challenge was met, but it was tough for a third division club to find itself directly in the Champions League; they needed more time to recover,” sighs someone familiar with the former management. Warning signs had already appeared, as evidenced by over five million euros in unpaid bills the sports equipment manufacturer owed to the French Rugby Federation, one of its clients.
Conflict with the French Rugby Federation (FFR): after the Olympics, Le Coq Sportif already on the hot seat
“It’s very complicated for an SME to switch from a normal order to a gigantic one, agrees Edouard de Lamaze, the CEO Marc-Henri Beausire’s lawyer. Sure, a big contract generates revenue, but you have to manage the costs! When faced with such an important challenge, you give it your all, invest more than necessary, and you become destabilized. Great opportunities sometimes come at a high price.“
The lawyer also points to the psychological burden for the brand and its leader represented by this contract of over a million pieces, 30,000 for the competition: “Le Coq faced immense pressure from the organizers. When you’re as big as the Organizing Committee, you need to treat the smaller players with respect.“
“There Will Be Appeals; My Client Was Wronged”
The fate of Le Coq Sportif will now be determined this Friday. Two takeover offers are competing. On one side, there’s the bid by Dan Mamane along with Alexandre Fauvet (former Fusalp). The man, who spent thirty months at the helm of Conforama in Switzerland, has a financial profile and specializes in debt reduction—a central issue for Le Coq. He might benefit from the support of Cédric Meston (HappyVore), who was behind the takeover of Tupperware.
On the other side, there’s a consortium led by Neopar, the family office of the Poitrinal family, and the Iconix group (Lee Cooper). “They are betting a lot on internationalization and the United States,” explains Aurélie Lienhart. This second offer is supported by a five-star cast: Xavier Niel, Teddy Riner, the founders of Le Coq (the Camuset family), and the current CEO, Marc-Henri Beausire (Airesis). “They are betting on the image,” continues the expert. “Dan Mamane wants to make it a luxury brand, whereas we want to remain popular,” defends Edouard de Lamaze, Beausire’s lawyer.
However, Neopar’s offer is not the favorite. The reasons include 10 million euros less on the table, as well as the presence of Marc-Henri Beausire, who would retain 7% of the capital and whose management of Le Coq has been criticized. But supporters of this offer demand that the economic affairs court reopen the debates. “Everything was organized by the administrators around a single plan: that of Dan Mamane, complains Edouard de Lamaze. For weeks, if not months, they did everything to prevent a second offer from arising.” Some even point to cronyism between administrators, the commercial court, and supporters of Dan Mamane’s offer. Administrator Hélène Bourbouloux, cited by Le Monde, denounces “attempts to destabilize.” Edouard de Lamaze warns: “There will be appeals; my client was wronged.” A year after the Olympics, Marc-Henri Beausire continues the match of his life.
