Taken over by some of its employees in 2024, the cult glassware brand of our childhood, founded in 1945, needed to replace its aging machinery and launch new models, both of which were essential for a return to financial stability. Its successful crowdfunding campaign aimed at the general public should help it achieve this.
Who hasn’t read their age on a Duralex glass?
A leading player in tableware in France and proudly popular in the noble sense of the term, the factory in La Chapelle-Saint-Mesmin, near Orléans (Loiret), lives up to its tempered glass, which is impact resistant.
The company, which became a SCOP (cooperative and participatory company) in 2024, has once again demonstrated this by partnering with the crowdfunding platform Lita. Calling for support for an 80-year-old Made in France company, Duralex has managed to mobilize hearts and wallets well beyond the expected €5 million.
This outpouring of solidarity brings a glimmer of hope to a France that saw its industry devastated in the mid-1970s and became a service-based society. Not to mention a preference for French-made products, which too often remains a pipe dream for consumers strangled by inflation and forced spending.
A tremendous outpouring of generosity
Within the first 24 hours of the campaign’s launch on November 3, Duralex exceeded its target of €5 million, reaching €18 million.
In less than 48 hours, the crowdfunding campaign with Lita, which was supposed to run until December 31, approached the symbolic threshold of €20 million in investment commitments. “That’s four times more than the amount available!” says the company.
In its press release, Duralex expressed its “twenty million thanks.” “More than 21,000 [applicants] have shown their support for our French glassworks and its industrial future, and we are extremely grateful,” it said.
Faced with the massive influx of donations and given that the amount raised is strictly controlled and capped at €5 million, the company decided to limit donations per person to €1,000. According to the press release, the idea is to “enable thousands of citizens who are enthusiasts of design, French manufacturing, or the social and solidarity economy to become active participants in supporting the industry.”
In fact, what the glassworks is offering its supporters are hybrid financial securities that are a cross between shares and bonds. Available from $100, they offer attractive returns of 8% interest per year for seven years and are partially tax-exempt.
However, it should be noted that these gains are not guaranteed. Investing in an unlisted entity carries a significant risk of loss and capital lock-up.
Anticipating frustration, the company is not ruling out the creation of an additional fund to allow everyone to contribute to the preservation of its expertise and the promotion of French manufacturing.
Not out of the woods yet
Weakened by the pandemic and the war in Ukraine, the company had come close to closing down until some of its employees took it over in July 2024.
Since then, the company, which has become a cooperative, has been growing, but it needed a boost to be able to renew its machinery and finally produce new collections, something the manufacturer had not done since… 1997.
While its CEO, François Marciano, welcomed the support of the French people, he pointed out that the company, which is expected to generate €33 million in revenue by the end of the year, is not out of the woods yet. The manufacturer’s recovery plan will run for three years. The idea is to reach €35 million in 2027 to regain financial stability before aiming for €39 million by 2030.
“I would like to remind everyone that the plan is for three years. This means that in 2027, we will break even and be able to finance ourselves. Until 2027, the company is not saved. That’s why it’s a risky investment until we’ve won. We mustn’t sell to everyone that it’s a done deal,” the CEO reminded listeners on TF1’s morning show Bonjour.
The return to favor of a heritage brand
A pioneer in tempered glass, a “resistant, functional, and durable material that spans generations,” Duralex is benefiting from the rediscovery of heritage brands by French consumers eager to support products made in France at a time when digitalized global competition is raging and commercial patriotism is gaining ground, particularly in the United States and China.
Its factory in La Chapelle-Saint-Mesmin produces nearly 60 million glasses per year: not bad for a company celebrating its 80th anniversary this year. Duralex offers 380 products covering five categories: glassware, tableware, decoration, storage, and cooking.
Its flagship glass model, the Picardie, is no longer available only in clear glass but also in a wide range of colors with a lifetime guarantee, from navy blue to vermeil, turquoise, and plum. Shock-resistant, it is also microwave-safe. In 2024, the company began offering non-transparent black glasses, giving rise to the Black collection.
As for the famous number inscribed on the bottom of the glass, it is actually the mold number. For many children, this number corresponded to a fictitious age that more or less determined certain privileges at the cafeteria table.
Iconic, its glass has traveled around the world and won over Hollywood, from Indiana Jones to James Bond (Skyfall).
Duralex relies on targeted collaborations to maintain its desirability. The glassware company has already worked with the Elysée Palace, La Poste, chocolatier Sébastien Papion, and currently Le Slip Français. In 2027, it plans to diversify further by signing a deal with French mustard specialist Martin-Pouret for its mustard jars.
Read also > Le Creuset cocottes: 100 years old and still as trendy as ever
Featured photo: © Duralex
