The Vampire’s Wife, a popular brand known for its luxurious occasionwear, has successfully avoided liquidation by reaching a settlement with the UK tax authority HMRC. After facing a winding up petition last month, the label managed to raise funds from existing investors to repay its debt, eliminating the need for a court hearing scheduled for July 12th.
The financial support for The Vampire’s Wife has come from American record label executive Jimmy Iovine and his wife, Liberty Ross, who acquired majority ownership of the brand in July 2020. However, the label had already experienced significant losses during the months of stay-at-home orders due to the pandemic. The decline in sales resulted in an increase in debt for the brand.
The company attributes its debt to HMRC to the lockdown strategies implemented to combat the pandemic. While it had initially requested more time to repay the debt, the brand has fortunately witnessed a resurgence in sales since the lifting of lockdown measures. After reporting a loss of £2.1 million in 2021, the brand has achieved profitability in 2022, although exact figures have not been disclosed. The company expects to generate revenues of approximately £7 million in 2023 through a combination of direct-to-consumer and wholesale turnover.
Founded by model Susie Cave in 2015, The Vampire’s Wife has gained a devoted following for its extravagant occasionwear, which often carries a price tag of £1,000 or more. The brand is available for purchase on luxury websites like Net-A-Porter, Browns, and Matches, as well as through its own webstore. It is also stocked in esteemed department stores such as Harrods and Selfridges. Despite the challenges faced during the pandemic, The Vampire’s Wife continues to captivate customers with its unique style and is now poised for a successful future in the highly competitive fashion industry.
For more information about The Vampire’s Wife, please visit their official website here. Additionally, you can explore their collection on Net-A-Porter here.
