Lockdown has claimed another retail victim: Diane von Furstenberg’s London business.
The designer’s Bruton Street flagship store in Mayfair, which is currently shut due to the coronavirus pandemic, will not re-open, while the brand’s local subsidiary, DVF Studio U.K., has gone into administration, according to The Sunday Times of London.
According to the latest filing on Companies House, the official register of U.K. businesses, the subsidiary posted a profit of 124,052 pounds in the fiscal year ended Dec. 31, 2018. In that filing, DVF Studio U.K. said it had “substantial doubt” about its own ability to continue as a going concern, given its dependency on the parent company, DVF Studio LLC, which registered a loss of $22.1 million that year. The Bruton Street store, which opened in September 2007, was part of a flurry of retail openings for the DVF brand in Europe that year. The designer opened boutiques in Brussels; Moscow; Paris; Saint-Tropez, France; and Madrid, underscoring the global appeal of her fashions and of her re-launched wrap dresses. “It really has grown organically, as things go in Europe,” von Furstenberg told WWD in an interview that summer at her Paris apartment overlooking the cupola of the Academie Française. The Bruton Street shop spans 2,650 square feet, and was the first in London to carry the full range of DVF products, including the designer’s jewelry for H. Stern, Christian Louboutin shoes, and her accessories collection. DVF is the latest brand to fall victim to the lockdown measures due to the health crisis. Laura Ashley, Cath Kidston, Debenhams, and Lulu Guinness are among the many companies that have filed for administration since lockdown began in March. Those companies’ assets have since been bought by new owners or existing shareholders and will continue to operate post-lockdown.
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