LVMH's glasses provider, Logo, enters administration

French lens manufacturer Logo has been forced into liquidation with immediate effect due to its inability to find a viable solution to continue in business.

Earlier this month, the Tribune of Commerce of the Jura region, in France, dictated the liquidation of the small manufacturing company of glasses Logo, producer of glasses signed by Tag Heuer, owned by luxury conglomerate LVMH.

As highlighted by French national television, judges "could not fail to point out the failure of this SME founded in 1896, which Has no prospect or cash." This is a new bankruptcy in the French eyeglasses industry, which currently counts 1,500 employees and that for more than three decades undergoes an exodus – both in terms of business volume and talent – to the Italian and Chinese markets.

As explained by sources close to the company, the trigger of the bankruptcy has been the withdrawal of the Tag Heuer branded eyewear line by its owner, the luxury giant LVMH. To date, the supply of glasses for the leading brand in watchmaking meant the manufacture of 40,000 frames of glasses per month for LOGO.

According to the local press, there was a buyer for Logo, who proposed to save 34 jobs in the company, provided that the manufacturing licenses were maintained. However, LVMH rejected this proposal.