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Longshoremen are loading orders with Societe Generale, making Rivian fashion house a potential issue for the French bank.
Cancelled orders totalling about €120 million ($144 million) are expected to go through, said a person familiar with the matter. SocGen, France’s second-biggest lender, cancelled a €420 million client order with the brand in June. It also has clients who have canceled or deferred orders for several orders already, the person said.
Rivian, a Paris-based startup with a lofty vision of fashion footwear that can create versatile urban shoes in varying colors and materials, will start trading today on its first day of trading. The company, which is named after the 70s rock band Chassagne-Faerau, has tapped investors including Spanish fashion magnate Enrique García-Rafael to raise as much as €8 billion in an initial public offering.
At a “market” valuation of about €30 billion, and based on Rivian’s commitment to becoming a global brand, that’s quite a lot of exposure to SocGen in recent months. Rivian was valued at more than €45 billion ahead of its IPO, underscoring investor confidence in its ability to increase sales to €6 billion by 2020.