Luxury fashion brand falls into administration
Sat, 20 Mar 2021 | ADMINISTRATION
Luxury British fashion house Ralph & Russo has announced that it has fallen into administration as a result of the COVID-19 pandemic.
According to the company's board, it has placed itself into administration in a bid to help the brand restructure its business following a significant hit to the retail economy as a result of coronavirus. They added that they hoped the move would prevent Ralph & Russo from collapsing entirely.
Ralph & Russo was founded in 2010 and has gone on to draw a number of celebrity clients. It gained international recognition when the Duchess of Sussex wore one of the label's dresses in her engagement photos. However, orders have since plummeted in the wake of global lockdowns, which resulted in the cancellation of the majority of weddings and red carpet events around the world.
"For the last 11 years Ralph & Russo has been my love and complete passion," said Tamara Ralph, co-founder of the brand. "In the last 12 months we have experienced unprecedented trading conditions throughout the pandemic which has put a tremendous strain on our business and retailers across the world. In spite of these difficulties, we have continued to serve our customers during this time."
She added: "I would also like to reaffirm my commitment to the brand and to taking it to new heights in the future. My clients, staff and I have an unbreakable bond and we will come through this together."
Administrators Begbies Traynor and Quantuma will now be tasked with investigating the company's options as it seeks to secure the future of the brand by refinancing the business. It has been suggested that they will oversee the brand's potential insolvency process, with a pre-pack sale floated as a possible avenue should refinancing fail.
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