Fashion brand Christopher Kane at risk of collapse

British fashion brand Christopher Kane, whose clothes have been worn by Michelle Obama and the Princess of Wales, is seeking to refinance or find a buyer as it fights for survival.

The retailer, once feted as a sign of British creativity, has warned it could have to enter insolvency proceedings if it cannot find a solution. It has filed a notice of intention to appoint administrators FTS Recovery, according to company filings.

"This difficult decision has been reached to give the company sufficient time to implement a rescue plan," the statement from Christopher Kane said Wednesday.

Another high-end British label, Hunter Boots - which sells wellingtons for $175 - collapsed last week, citing the effects of Brexit, inflation and warmer weather.

Christopher Kane sells some of its dresses for £1,995 ($2,535), and U.S. Vogue editor Anna Wintour sat in the front row of the company's catwalk show at London Fashion Week in February alongside celebrities such as TV presenter Alexa Chung and model Poppy Delevingne.

The firm was founded by Scottish fashion designer Christopher Kane - a graduate of London's Central Saint Martins college of art and design - with his sister Tammy in 2006. Kane secured a consultancy role advising Donatella Versace the same year.

In 2013, Gucci-owner Kering bought a 51% stake in the business, and the company opened a store on Mount Street in London's Mayfair district. Five years later Kering sold it back to the designer and his sister. The company struggled when the pandemic hit, as retailers canceled orders and consumer demand weakened.

It was forced to close its London store in 2020, and has cut staff numbers to 31, according to its latest accounts.

In 2019, the company launched a spinoff brand "More Joy by Christopher Kane" and made a push into e-commerce sites, selling branded T-shirts, umbrellas, door mats and sex toys on its website.

WASHINGTON POST