The maternity trend retailer Seraphine, whose garments have been worn by the Princess of Wales throughout her three pregnancies, has ceased buying and selling and entered administration.
Consultancy agency Interpath confirmed to the BBC on Monday that it had been appointed as directors by the corporate and that the “majority” of its 95 workers had been made redundant.
It mentioned the model had skilled “buying and selling challenges” in current occasions with gross sales being hit by “fragile shopper confidence”.
The style retailer was based in 2002, however maybe hit its peak when Catherine wore its maternity garments on a number of events, resulting in objects rapidly promoting out.
Previous to the affirmation that directors had been appointed, which was first reported by the Monetary Instances, Seraphine’s web site was providing reductions on objects as huge as 60%. Its website now seems to be inaccessible to buyers.
The primary job of administration is to save lots of the corporate, and directors will attempt to rescue it by promoting it, or components of it. If that’s not potential it is going to be closed down and all its saleable belongings bought.
Will Wright, UK chief government of Interpath, mentioned financial challenges corresponding to “rising prices and brittle shopper confidence” had proved “too difficult to beat” for Seraphine.
Interpath mentioned choices are actually being explored for the enterprise and its belongings, together with the Seraphine model.
The retailer’s flagship retailer was in Kensington Excessive Avenue, London, however different well-known outlets, corresponding to John Lewis and Subsequent, additionally stocked its items.
The rise in reputation of Seraphine, pushed partially by Royalty carrying its garments, led to the corporate itemizing on the London Inventory Alternate in 2021, earlier than being taking again into personal possession in 2023.
Interpath mentioned in April this 12 months, the corporate “relaunched its model identification, with a renewed give attention to kind, perform and match”.
“Nonetheless, with stress on cashflow persevering with to mount, the administrators of the enterprise sought to undertake an accelerated evaluation of their funding choices, together with exploring choices on the market and refinance,” an announcement mentioned.
“Sadly, with no solvent choices accessible, the administrators then took the troublesome resolution to file for the appointment of directors.”
Employees made redundant because of the corporate’s downfall are to be supported making claims to the redundancy funds service, Interpath added.
