Jacques Vert latest major UK failure as administrators wait in wings
In what has become a familiar scenario in the UK, Jacques Vert will be the latest fashion name set to go under with the womenswear group preparing to call in administrators less than 12 months after it was last rescued.
Calvetron Brands Limited, which owns the Jacques Vert, Precis, Dash and Windsmoor labels is to appoint Duff & Phelps as administrator before the weekend, Sky News reported.
The company is believed to be facing challenges in getting hold of the stock it needs to sell with suppliers refusing to deliver without being paid in advance.
The business, which was the successor to Style Group Brands, is owned by a consortium of private investors with ex-Jaeger owner Harold Tillman having previously been an advisor to the firm until his exit in December.
The company employs around 1,400 people, around 1,000 of them in the UK and the rest in Ireland and Canada.
The environment for struggling fashion brands has become increasingly toxic in the UK in recent periods and it really does seem that we're in a phase where only the strong will survive.
There’s no single reason for the problems. A combination of low consumer confidence, weather that's either too cold in the spring or too warm in the autumn, the rapid migration of British shoppers online, and a market in which traditional, long-standing brands are losing out to more forward-looking newcomers has weighed on the industry. Some formerly successful names have gone under while others are working furiously on rescue packages.
Only this week, Bench has gone under and House of Fraser has announced plans for a company voluntary arrangement. And the HoF situation is reportedly part of the problem for Calvetron. HoF and rival Debenhams are struggling with weak sales and lower footfall and Calvetron has major exposure to those department stores through around 300 concessions.
Copyright © 2023 FashionNetwork.com All rights reserved.