Fashion designer Roland Mouret has joined the growing list of casualties in the fashion industry due to the ongoing pandemic. His company has been placed into administration, a move that was expected given the devastating impact of the global health crisis on the fashion business. Reports suggest that the brand’s intellectual property has already been sold, although Mouret himself has not yet commented on the matter.
It is unclear at this point whether Mouret will maintain any connection to the brand going forward. Previously, the label was jointly owned by Mouret and entertainment mogul Simon Fuller. Last year, the business received investment from its landlord, Grosvenor Estates, as part of a fund aimed at supporting struggling tenants during the pandemic.
The administration filing was anticipated after the company issued a notice of intent to appoint administrators several weeks ago. Despite this, the company had been trying to secure fresh funds, a challenging task given the current circumstances. The recent increase in Covid-19 cases in Europe and the emergence of a new variant have once again sparked concerns about future waves of infections and subsequent lockdown measures.
The designer’s flagship store in Mayfair’s Carlos Place has already been cleared of inventory, and approximately 80 jobs are estimated to be lost, with 50 of them being immediate redundancies. Mouret, renowned for his iconic Galaxy dress, is now among the direct victims of Covid-19’s impact on businesses. Due to its relatively low turnover and profits, despite its high visibility, Mouret’s company was always vulnerable to extreme events like a pandemic. In 2019, the label generated sales of £16 million and a profit of £950,000.
Although the brand recently expanded its offerings with the introduction of an activewear line, it is primarily known for its elegant occasion dresses. Sadly, the global lockdown measures and the cancellation of red carpet events, weddings, and parties over the past two years severely impacted the demand for Mouret’s signature creations.
The fashion industry continues to face unprecedented challenges as the pandemic persists. Roland Mouret’s struggles serve as a somber reminder of the difficulties faced by designers and retailers. Without adequate support and solutions, more fashion businesses may succumb to the economic pressures caused by the ongoing crisis.
Useful Links:
1. The Future of Bricks-and-Mortar Fashion Retail
2. What Changed in Crisis Fashion? Business, Online Sales, Streetwear
