Roland Mouret in administration as pandemic claims latest business victim
Roland Mouret has placed his fashion company into administration, a move widely expected after the business was crushed by the pandemic. And it’s believed that the intellectual property has already been sold, but Mouret hasn't commented so far.
It’s unclear whether Mouret himself will have any connection with the brand going forward. The label had been owned by Mouret along with entertainment mogul Simon Fuller. And its landlord Grosvenor Estates also took a stake in the business last year via a new fund aimed at helping tenants get through the pandemic period.
The administration filing had been expected after the firm filed a notice of intent to appoint administrators several weeks ago. Yet the firm had reportedly been trying to raise fresh funds, a tough task in an environment where only this week rising case rates in Europe and a new Covid variant are raising jitters about further waves of the pandemic and more lockdowns.
The designer’s London store on Carlos Place in Mayfair has already being cleared of stock and it’s believed that around 80 jobs will go with 50 shed immediately.
The originator of the Galaxy dress seems to be another direct business victim of Covid-19.
Mouret’s firm was always likely to be vulnerable to an extreme event such as the pandemic given its relatively low turnover and profits, despite its high profile. In 2019, sales were £16 million and profit was £950,000.
Although the label recently launched activewear, it’s best known for its occasion dresses and the lockdowns of the past two years globally have meant the red carpet events, weddings, parties and more on which Mouret relied were cancelled.
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