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.