Naf Naf went into receivership three times in five years — each rescue only bought time

Naf Naf was founded in 1973 and grew into one of France's best-known women's ready-to-wear brands, a fixture of high streets and shopping centres for half a century. The first receivership came in 2020, when the pandemic shut stores and froze revenue. The brand emerged, restructured, and was acquired — but the underlying problem, a physical retail model in a market shifting online, was not fixed.

The second receivership followed in 2023. A Turkish company, Migiboy Tekstil, bought the brand in 2024 and attempted another turnaround. It lasted less than a year. On 30 May 2025 the Commercial Court of Bobigny placed Naf Naf in receivership for the third time in five years, citing cash-flow difficulties. Roughly 600 jobs were threatened.

Three court protections in five years is a pattern, not a series of accidents. Each receivership preserved the brand name and some stores while the market continued to move. The lesson is not that Naf Naf was unlucky three times; it is that a rescue without a new business model is a delay, not a solution.