Lumaland currently owns a 49 per cent stake in the joint venture, but also holds a right of pre-emption to purchase a majority holding. After paying a low six-digit sum to the insolvency administrator, the joint venture agreed to assume liabilities in the low single-digit million range.
Monoqi initiated insolvency proceedings twice
Monoqi is an online store selling designer furniture and home accessories and a community with more than 3.5 million members. As early as February last year, the company filed an application for preliminary insolvency proceedings only to withdraw it just a few hours later.
Uncertainty surrounding follow-on funding had led to the insolvency application, the start-up said at the time. Although the crisis seemed to have been averted for the time being, Monoqi initiated insolvency proceedings for a second time in December 2018.
A secure future for Monoqi
But now the future of the designer furniture start-up seems to be secure. Monoqi’s new owners are confident. “Monoqi is the perfect addition to our portfolio of offerings,” says Wanja S. Oberhof, CEO of Lumaland AG.
“We see significant synergies in our strong existing brands and Monoqi’s large, loyal community, and we’re excited to be working together. We will maintain a strong focus as we continue on our growth trajectory.”