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Fashion label behind Meghan s engagement gown collapsed with £53m of unsold stock
Ralph & Russo, the luxury clothing company, collapsed into administration last month with millions owed to creditors
3 April 2021 • 7:00pm
Meghan Markle wore a £56,000 Ralph & Russo gown for her official engagement portrait with Prince Harry
Credit: REUTERS
Ralph & Russo collapsed with £53m of unsold stock, the administrators of the celebrity fashion label have revealed as they court new owners.
The assets offer “an immediate commercialisation opportunity” for a buyer, according to marketing documents issued by administrators to potential bidders ahead of a deadline next week.
Specialists at Hilco, who were drafted in to help the administrators to recover money for creditors, also highlighted its intellectual property, and franchise and licence agreements, which account for just under a quarter of its total revenues. The brand also has 3m followers on social media.
Australian fashion designer who created Meghan Markle s engagement dress hits financial strife dailymail.co.uk - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from dailymail.co.uk Daily Mail and Mail on Sunday newspapers.
British luxury fashion brand Ralph & Russo has collapsed into administration after the coronavirus pandemic decimated sales.
Ralph & Russo has appointed Begbies Traynor and Quantuma as administrators to investigate “all possible options” for the company.
In a statement this afternoon, the company’s co-founder Tamara Ralph said trading conditions during the pandemic had put “tremendous strain” on the business.
“I have been assured that this process will help refinance the business and allow us all to do what we love best – creating for our women across the world,” Ralph said.
“I would also like to reaffirm my commitment to the brand and to taking it to new heights in the future”.
Ralph & Russo Goes Into Administration businessoffashion.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from businessoffashion.com Daily Mail and Mail on Sunday newspapers.