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.
A representative for Quantuma Advisory, an advisory firm appointed as one of Ralph & Russo’s administrators, confirmed media reports that Retail Ecommerce Ventures (REV) acquired the British couture house’s brand and assets. The spokesperson declined to comment further.
Ralph & Russo filed for administration in March after the economic impact of the pandemic pushed the loss-making brand over the edge. The brand reported losses of £14.8 million ($20.4 million) for the year ended March 2019, up from £12.4 million the year previous, according to public filings.
Neither Ralph & Russo or REV immediately responded to requests for comment.
Ralph & Russo was founded in 2010 by Tamara Ralph and Michael Russo. The brand made global headlines in 2017 after Meghan Markle chose to wear one of its £56,000 couture gowns for her official engagement portraits.
Editor’s Note: This story was updated on July 1, 2021, to reflect that BoF confirmed reports that Retail Ecommerce Ventures acquired Ralph & Russo.
Hermes saw Chinese buyers snap up its luxury products as the Kelly bag maker showed its resilience amid a broader slowdown in demand for the sector.
The group’s flagship Prada brand grew more slowly but remained resilient in the face of a sector-wide slowdown, with retail sales up 7 percent.
The guidance was issued as the French group released first-quarter sales that confirmed forecasts for a slowdown. Weak demand in China and poor performance at flagship Gucci are weighing on the group.
Consumers face less, not more, choice if handbag brands can't scale up to compete with LVMH, argues Andrea Felsted.