De Grisogono SA was unable to find a buyer, despite talks with several investors over the past few months, the company said in a statement.
The failure in the negotiations will have forced the brand to activate the creditors' protection mechanism with the Swiss authorities. If the application is accepted, bankruptcy proceedings will start which will affect 65 jobs at the Swiss plant in Plan-les-Ouates.
It is recalled that, between 2018 and 2019 the company had already shown signs of financial instability, having laid off around 80 percent of its workforce.
It was also made public this Wednesday, the fact that Eurobic - bank of which Isabel dos Santos is the main shareholder - financed the businesswoman's husband at De Grisogono by nine million euros.
The loan will have occurred in 2013 and, after being re-financed, it is currently in default, advances the Portuguese newspaper Correio da Manhã.