CRM-backed Nupcial Novissima liquidates

CRM will therefore make a loss on its 2008 investment in the wedding gown designer and manufacturer.

Previous funding
CRM acquired a 20% stake Nupcial Novissima in an expansion deal valued at €3m. At that time, the company was projecting a turnover of €70m by 2018 and anticipated embarking on an international expansion plan which was to involve the opening of 46 new stores over the next five years. It owned four brands (Novissima, Charo Peres, Camila Elbaz and Estrella Roch), had 61 stores in Spain and employed 220 people.

The company, which filed for insolvency at a local court in Madrid last December, has been struggling since at least last June. In April the bridal firm ceased to own the brands Charo Peres, Javier Larraínzar, Elio Berhanyer, Petro Valverde, Agatha Ruiz de la Prada, Devota & Lomba and Duyos.

Company
Madrid-based Grupo Nupcial Novissima was founded in 1965 as the first company to specialise in ready-to-wear wedding gowns. The company has had a presence in Latin America (Mexico, Ecuador, Guatemala and Costa Rica), the US, Canada, Japan and Iberia, with sales outlets in Italy, Germany, France, Norway and Luxembourg.

People
Isaac Benarroch is the founder of Nupcial Novissima and Moisés Anselem is the company's CEO.

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