Christopher Kane and his sister Tammy Kane have successfully bought back the luxury fashion brand bearing Christopher’s name, along with its lower-priced More Joy line, in a pre-pack deal following the company’s recent financial troubles and administration filing. The deal grants the Kanes ownership of the brand’s assets and intellectual property, ensuring the brand’s future and allowing it to continue operating as an independent label.
The sale was facilitated by FTS Recovery, who confirmed that the assets were sold “to the original brand founders”. The secured creditor has been fully repaid, and there are plans to distribute funds to preferential creditors as well.
This acquisition is welcome news for the struggling British designer sector, which has witnessed several smaller labels encountering difficulties in recent times. Designer Julien Macdonald also went into liquidation around the same time, making Christopher Kane’s successful buyback a ray of hope in an industry that often faces challenges due to lack of funding, despite its reputation for creativity.
Christopher Kane had been actively seeking refinancing or a buyer prior to the administration, but was unable to secure a deal. Now, with the brand back under their control, the Kanes can steer it forward as an independent venture.
The past decade has been a roller coaster ride for the siblings, as their business was previously part of luxury conglomerate Kering, which acquired a 51% stake in 2013. However, the Kanes regained control in 2018 when Kering shifted its focus to its flagship labels. The COVID-19 pandemic presented additional challenges for a brand known for its occasion dressing.
Christopher Kane, who received his education at Central Saint Martins, remains based in East London and has gained significant recognition at London Fashion Week. The brand has also collaborated with major labels and companies like Topshop, Disney, and Versace, showcasing its versatility and creative prowess.
The buyback of Christopher Kane by its founders not only secures the brand’s future but also exemplifies the resilience of British designers in the face of adversity. With their creative vision and support from loyal followers, the Kanes have successfully reclaimed their place in the highly competitive fashion industry.
Useful links:
– Official Christopher Kane Website
– London Fashion Week Website
