The Business of Fashion
Agenda-setting intelligence, analysis and advice for the global fashion community.
Agenda-setting intelligence, analysis and advice for the global fashion community.
The luxury brand, known for its occasion and bridal wear, has appointed joint administrators from Smith & Williamson after failing to find a rescue buyer, the advisory firm said Friday.
The designer label is the latest British brand to buckle under the financial strains caused by the pandemic.
The administrators will now seek to extract what value they can from the company’s assets, including inventory and its e-commerce site. Amanda Wakeley and a core team remain to support these efforts, though a small number of redundancies have been made, Colin Hardman, one of the joint administrators, said in a statement.
Top luxury groups are buying real estate to secure landmark store locations with serious implications for second-tier players who are already struggling to stay on key luxury streets, writes Luca Solca.
How did Miu Miu grow by 58 percent last year? CEO Benedetta Petruzzo breaks down the plan that’s powered eye-popping acceleration in a slowing luxury market.
Luxury brands aren’t cutting back exactly, but the days of spending ever more of the budget on custom dresses and celebrity ambassador contracts may be coming to an end.
The Milan-based group’s continued acceleration in a slowing luxury market could ease pressure on its new generation of leaders as Miuccia Prada and Patrizio Bertelli plan their succession.