Collapse of Matchesfashion platform is major factor in implosion across the supply chain, say industry insiders
y midday last Friday, a large queue had formed in Mayfair, London, as shoppers lined up for one last shot at getting their hands on one of the Vampire’s Wife’s signature and highly coveted Falconetti dresses, once called “and whose designs were worn by everyone from Kate, Princess of Wales, to Kate Moss, announced it was shutting down, ending its tenure with a three-day “goodbye sale”.
When Mike Ashley’s Frasers Group announced its £52m acquisition of Matches late last year, its chief executive officer Michael Murray said he was confident that the group would “unlock synergies and”. Less than three months later, in a move that blindsided staff and suppliers alike, the group called in administrators from Teneo.
“The UK is the worst market for fashion in the world right now,” said Stefano Martinetto, the chief executive of Tomorrow, a fashion brand development platform. “The independent brands are terrified. We’re at a tipping point. I’m receiving hundreds of requests for financial support and new agreements. We have injected more than £25m into the independent designers in the past five years and almost £1m in grants. Our aim is now to preserve those businesses.
Faut described the British fashion industry as imploding. He was hit by the collapse of the London-based brands Ralph & Russo in 2021 and Christopher Kane in 2023, which left him with a combined deficit of £85,000. With 30 years’ experience in the textiles industry, Faut said current conditions were untenable.
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