In a sad day for London fashion, it has been announced that Nicole Farhi the fashion worlds go-to for luxurious-yet-wearable staples has gone into administration.
The brand, which is still headed up by its namesake founder more than 30 years on, is to continue trading while talks with interested parties are being held. It has five standalone stores and employs more than 100 staff.
Nicole Farhi is a very powerful retail brand. Unfortunately, as with many other fashion retailers, the decline in high street spend coupled with rising costs has led to increased financial pressures on the business, said Peter Saville, a partner at Zolfo Cooper, the company brought in to manage the transition.
We are already in discussions with a number of interested parties who value the strength of the Nicole Farhi brand.'
Almost exactly one year ago the label appointed Joanna Sykes, formerly of Aquascutum, as its creative director. Her first collection, for autumn/winter 2013, was critically acclaimed.
We intend to continue to trade the business and will be working hard to identify the best possible outcomes regarding preservation of jobs, the value of the business and returns to creditors,' added Saville. 'As this work continues we will make further announcements as appropriate.