As of: March 25, 2024, 6:00 p.m
By: Amy Walker
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The energy crisis and high inflation are claiming more and more victims.
Now a well-known gin brand has filed for bankruptcy.
Berlin – Spirits are not available cheaply anyway.
When inflation and a slump in consumption set in, that's exactly where people save: on luxury items.
The start-up Elephant Gin is now feeling this painfully: As Wirtschaftswoche reports, the beverage manufacturer has filed for bankruptcy in Berlin-Charlottenburg.
Gordon Geiser was appointed as insolvency administrator.
Gin is a cult drink - but inflation is claiming its next victim.
© Jens Kalaene/dpa-Zentralbild/dpa-tmn
Elephant Gin: Donations for species protection as a business model
The beverage manufacturer had a very special story: every time you buy a bottle of gin, 15 percent of the proceeds should go to conservation projects to protect elephants.
According to its own information, the company has already donated one million euros.
On the Elephant Gin website you can buy a bottle of gin for between 35 and 40 euros.
22 employees in Germany are affected by the insolvency.
The insolvency administrator wants to look for a new investor, so bankruptcy does not necessarily mean the end of the company.
Just this fall, Elephant Gin opened a new distillery in Mecklenburg-Western Pomerania, which is being financially supported by the state with five million euros.
A total of nine million euros are said to have been invested.
Many companies are currently being overwhelmed by a wave of insolvencies.
Companies in the construction and retail sectors are particularly affected, where the fashion industry in particular is fighting for survival.
The current bankruptcies often have to do with the energy crisis and inflation - but companies that were saved through the corona pandemic and are now no longer able to make progress on their own are now also filing for bankruptcy.