In the investor process for the PICARD companies operating in Germany, Martin Picard has prevailed over competing bidders. With the consent of the creditors’ committee, he has acquired the key assets of PICARD Lederwaren GmbH & Co. KG and PICARD Leathergoods Retail GmbH & Co. KG. Business operations will continue under the PICARD brand through two newly established companies.
GÖRG partners Holger Rhode and Dr Raul Taras supported the self-administration proceedings from mid-June 2026 as Chief Insolvency Officers, together with Chief Restructuring Officer Thomas Montag of Montag & Montag.
Martin Picard will continue to run the leather goods manufacturer as the sole managing director of Picard Leathergoods GmbH and Picard Retail GmbH, which together employ 90 people. This preserves the Obertshausen site, including the outlet store, as well as the brand stores at Frankfurt am Main and Munich airports. The acquisition took effect on 1 October 2026.
“During the restructuring, we worked with the appointed restructuring advisers to reveal the healthy core of the PICARD brand. With our strategy, we can now guide the brand towards a positive future,” says Martin Picard. “The market continues to shift towards online business. We are building on the changes to our online business that were initiated before the restructuring proceedings, and the proceedings now enable us to establish the necessary structures more quickly,” Picard explains.
Together with Holger Rhode, Dr Raul Taras and Thomas Montag, Martin Picard has held numerous discussions with business partners over the past few weeks and received considerable support. “Alongside our online business, we will of course continue to supply our retail partners with the leather goods and accessories they require. The ILM leather goods trade fair in Offenbach a few weeks ago clearly demonstrated that our products remain in demand,” says Picard.
“Martin Picard convinced the creditors with his overall strategy and ideas, and prevailed over competing bidders in the investor process. This also demonstrates our business partners’ confidence in the direction he has taken. That is a good foundation,” says GÖRG partner Holger Rhode. “The entire retail sector has been undergoing change for some time. Businesses that want to remain competitive must adapt. PICARD has adapted and demonstrates that self-administration can be a suitable tool for this,” says GÖRG partner Dr Raul Taras.
Background
In mid-June 2026, PICARD Lederwaren GmbH & Co. KG and PICARD Leathergoods Retail GmbH & Co. KG each filed an application for the opening of insolvency proceedings in self-administration with the competent Local Court in Offenbach am Main. The court appointed Nadja Raiß, a lawyer at K&L Gates, as insolvency monitor in both proceedings. The Local Court opened the proceedings in early September 2026.
PICARD manufactures and sells leather goods, particularly bags and accessories. The company was founded in 1928 by the Picard family in Obertshausen near Offenbach am Main and has remained family-owned ever since.
Until the acquisition on 1 October 2026, PICARD Lederwaren GmbH & Co. KG operated its own online shop and sold its products through established online retailers and physical department stores. Through its sister company, PICARD Leathergoods Retail GmbH & Co. KG, the long-established company also operated brand stores at Frankfurt am Main and Munich airports, as well as an outlet store in Obertshausen. The company manufactures its leather goods at its main production site in Obertshausen, as well as in Bangladesh and Ukraine. Management will continue to attach great importance to sustainability and social considerations.
Advisors to PICARD
GÖRG Partnerschaft von Rechtsanwälten mbB / GÖRG Insolvenzverwaltung Partnerschaft von Rechtsanwälten mbB / GÖRG Rechtsanwälte/Insolvenzverwalter GbR
Dr Raul Taras (Joint Lead, Partner, Insolvency & Restructuring, Cologne)
Holger Rhode (Joint Lead, Partner, Insolvency & Restructuring, Cologne)
Dr Marcus Richter (Partner, Employment Law, Cologne)
Dr Piero Sansone (Partner, Employment Law, Cologne)
Dr Katharina Landes (Partner, IP, Cologne)
Dr Lars Behrendt (Associate Partner, Corporate Law, M&A, Cologne)
Nadine Schriek (Senior Associate, Insolvency & Restructuring, Cologne)
Dr Monique Pröpper (Senior Associate, Corporate Law, M&A, Cologne)
Timo Rehfisch (Senior Associate, Employment Law, Cologne)
Lars Meyerholz (Associate, Tax Law, Cologne)
