Oxbow, the surfwear brand of the Lafuma Group, has launched a restructuring plan that will involve the elimination of 38 jobs out of a total of 145 at its French head office. Oxbow's revenues were down by 16.4 percent to €53.5 million in the latest financial year, ended on Sept. 30, and they reportedly generated a loss of €5 million. Further cuts are expected in the brand's network of single-brand stores, although their sales are positive. Meanwhile, Lafuma has completed the sale of Le Chameau to Marwyn Management Partners for €16.5 million, as envisaged in the offer that the Paris-listed group received from the British investment firm at the end of September. Le Chameau, whose high-end rubber boots sell for up to €699 a pair and were photographed being worn by the British royals, posted net sales of €24 million in the financial year ended Sept. 30. The net proceeds related to the transaction will be mainly used to repay the group's debts, which amounted to about €59 million in the first half ended last March 31.

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