Simultaneously with its request for the opening of an accelerated safeguard procedure, DEVIALET has announced a €30 million refinancing round led by Korelya Capital, the fund managed by Fleur Pellerin. This round includes an option for an additional €10 million, contributed by the company’s historical investors, who have shown little enthusiasm for reinvestment. DEVIALET has now raised over €226 million in private investment.
With no new investors participating in this round, this rescue plan, orchestrated by the company’s new CEO Jacques Demont, aligns with the strategy he outlined upon his appointment in February. Negotiations with creditors have allowed the company to reschedule its debts, including a state-guaranteed loan (PGE) that weighs heavily on its finances.
The strategy is now focused on high-end offerings, moving away from competition with SONOS and similar players, for which DEVIALET lacks the resources. The newly launched ASTRA amplifier perfectly embodies this shift, with a price tag of €16,000 for this luxury hi-fi gem. Another pillar of growth is the expansion of the brand in China, the United States, and the Middle East. DEVIALET aims to double its number of retail locations to maximize visibility and accessibility.
