British fashion designer Christopher Kane is facing the possibility of appointing administrators for his company if he is unable to find a buyer. This comes just a few years after he repurchased Kering’s majority stake in the business. To protect itself from creditors, the company has filed a notice of its intention to appoint an administrator, giving them a 10-day breathing space. The aim is to refinance or find a buyer in order to rescue the brand.
If the company does go under, insolvency firm FTS Recovery is expected to be appointed as the administrator. In a statement released on Wednesday, the company explained that the decision was made to allow them enough time to implement a rescue plan.
Christopher Kane’s brand was established in 2006 following his graduation from Central Saint Martin’s, and it has since made a significant impact in the fashion industry. The brand has become a favorite among celebrities and has been worn by notable figures such as Michelle Obama and the Princess of Wales. However, like many other companies, the pandemic has presented significant challenges for the brand, leading to the closure of its London store on Mount Street in 2020.
Initially, Kering showed interest in Christopher Kane’s brand and acquired a majority stake in the company a decade ago with plans for further expansion. However, five years later, Kane repurchased the stake from Kering as the company shifted its focus to its larger labels. This move mirrored what Stella McCartney did during the same period, regaining control of her business from Kering.
Currently, the company is wholly owned by Christopher Kane and his sister Tammy. The urgent search for a buyer or the possibility of appointing administrators highlights the difficulties faced by the fashion industry, particularly in the aftermath of the pandemic. The future of the brand remains uncertain, and it remains to be seen whether a solution can be found to secure its survival.
Useful links for further information:
1. Vogue Business – What a recession means for luxury’s problem children
2. Business of Fashion – Christopher Kane reportedly searching for buyer or facing administration
