JOTT Faces Buyer Hunt After Receivership Filing

French down jacket specialist, Just Over the Top (JOTT), is currently seeking a buyer after its two main companies, JOTT Opération and JOTT France, were placed in receivership last December. JOTT Opération, employing 97 individuals, reported a revenue of €55 million in 2024, while JOTT France, with 183 employees, generated €24 million in revenue during the same period. This move follows months of financial and operational challenges that have destabilized the brand.

The company’s difficulties stem from a leveraged buyout in January 2021, when L Catterton Europe acquired a majority stake. The founding Gourdikian family retained a minority shareholding. However, the acquisition saddled JOTT with significant debt, coupled with ongoing operating losses, despite multiple changes in senior management. Attempts to alleviate the financial strain included two capital injections and a debt-to-equity swap in spring 2025, where owners – who were also creditors – converted debt into equity.

The decision to enter receivership signals a withdrawal of financial support from L Catterton Europe, the investment fund affiliated with LVMH and the Arnault family. Sources indicate that all JOTT shareholders are looking to divest their stakes through the receivership process. The successful bidder will be tasked with revitalizing the company following debt repayment, a situation that offers limited recovery for other creditors, such as Eurazeo (which acquired Idinvest Partners in 2020) who financed the initial buyout through Jaguar Bidco.

The future of JOTT now hinges on attracting suitable investors or producers interested in its assets, both tangible and intangible. Interested parties have until January 30th to submit their bids, which will be carefully evaluated. The outcome of this process is keenly anticipated by JOTT’s workforce of over 200 employees, as well as its network of franchisees. A ruling on the bids is expected from the Marseilles trade court by the end of March.