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Christopher Kane, the luxury fashion brand worn by Michelle Obama and the Princess of Wales, is on the brink of collapse unless it finds a buyer or an investor to help it shore up its finances.
The retailer, founded by Scottish fashion designer Kane in 2006, has filed at the High Court a notice of intention to appoint administrators at FTS Recovery, according to filings.
The move is meant to prevent creditors such as suppliers or landlords from claiming any money for 10 days before a formal appointment of administrators is made. This should give the company sufficient time to implement a rescue plan, a spokesperson said.
“A period of accelerated marketing activity will now follow, with a view to locating potential interested parties to either refinance the company’s existing debt, or alternatively locate a purchaser for the business and assets,” the spokesperson added.
It comes five years after Kane, who co-owns the business with his sister, according to Companies House filings, regained control of it from Paris-headquartered Kering, the owner of Gucci and Balenciaga. Kane has become a leading figure in the fashion industry and frequently attends events alongside the likes of Anna Wintour, the editor-in-chief of Vogue.
In 2013, Kering acquired 51 per cent of the eponymous brand, having described Kane as “both a precocious and truly gifted talent”. Born in North Lanarkshire, he attended London’s Central Saint Martins art and design school, capitalising on the media attention garnered by the success of his award-winning graduate collection.
His brand employed 31 people in the year to December 2021, its most recent set of accounts show.
The news comes weeks after Hunter Boots, another upmarket British brand with a 167-year history, collapsed into administration, owing creditors more than £100mn.
New York-based Authentic Brands subsequently bought the intellectual property of Hunter, best known for its Original Wellington boot, in a prepack administration deal.
Jamie Salter, founder and chief executive officer of Authentic, said he was “excited” about the acquisition of an “original and outwear pioneer”. It also owns fashion brands Ted Baker and Juicy Couture.
