Most Recent Articles In Fashion Scoops
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GHOST UNDER THREAT OF ADMINISTRATION: Ghost is the latest U.K. fashion label that risks going into administration, the U.K. equivalent of filing for Chapter 11. Arev Management, the Icelandic investment group that owns the business through the private equity fund Kcaj, together with the retail entrepreneur Kevin Stanford, has filed a notice of intention to appoint an administrator, according to a source close to the company. The source added the move, which gives the business protection from its creditors, is due to funding problems for the label. Those problems, the source said, aren’t linked to the collapse of Iceland’s banks over the past few weeks. Ghost was founded by Tanya Sarne in 1984, and became known for its floaty, feminine dresses. However Sarne quit the label in 2006, after Arev and Stanford bought a controlling stake in the business in 2005. At the time, Arev said the plan was to lower the line’s price points and focus on U.K. retail. It closed the brand’s stores in London and New York and halted its wholesale distribution. A spokesman for Arev declined comment. The source added that several different parties had expressed interest in buying the business as a going concern.
Earlier this month, Hardy Amies, the Savile Row couture and ready-to-wear house, appointed the restructuring company Kroll as an administrator. “Sadly, fallout from the credit crunch has meant this celebrated business has struggled to survive,” said Peter Saville, a partner at Kroll. Biba, another storied London label, that also fell on hard times earlier this year. The company appointed London-based Grant Thornton as administrators in April, upon which the business ceased to trade. A spokeswoman for Grant Thornton said Monday the assets of the business, including its stock and its trademarks, have now been sold.