Venca files for bankruptcy. According to the newspaper Expansión, the online portal for women's fashion Digital Lola Commercewhich operates under the Venca brand, volunteered bankruptcy for the strong «Asian competition» that maintains lower prices and has strong market penetration.
At the moment, Venca has a liability of seven million euros. Digital Lola Commerce There is already an insolvency administrator appointed by the Commercial Court No. 4 in Barcelonaas published by the above-mentioned media.
The company, whose debts lie largely with suppliers and other creditorsintends to involve new partners, although the aim is to “ensure continuity within the company itself«. In addition, the company is led by Jordi González could get rid of his productive unit.
Currently, Venca continues to operate normally and will continue to ship products over the next few weeks until the final outcome of the bankruptcy proceedings is known. The company expects sales of 21 million euros by the end of 2023compared to 30 million euros in the previous year.
Venca, based in Vilanova i la Geltrú (Garraf), has been part of a group of directors led by Jordi González himself since 2017 – they bought the company from the French group 3Suisses International – and has made a number of adjustments in recent years. So, Since 2018, it has reduced its team from 350 to 150 employees and last year it sold its headquarters to logistics company GLP.
The online fashion company's business focuses primarily on catalog sales, but in 2019 it decided to focus on e-commerce and founded its marketplace with a presence in Spain and Portugal.