SilkFred, an online platform for fashion, has gone into administration. The company collaborates with 500 fashion brands like Apricot, Goddiva, Pretty Lavish, and Lily and Lionel. This news was confirmed in a recent statement on Instagram.
The administration process for SilkFred began in late November, and Quantuma, a financial advisory firm, has been appointed to oversee the proceedings. Quantuma has announced that no new orders will be fulfilled, and they aim to refund customers whose orders have not been shipped yet.
Unfortunately, if a refund cannot be processed by SilkFred, customers may not receive their money back. The company stated that any owed money will be considered a claim in the Administration, but there might not be sufficient funds to reimburse customers.
For those awaiting orders, reaching out to their credit or debit card provider could help in obtaining a refund. Customers who spent over £100 but less than £30,000 using a credit card can utilize Section 75, while those who paid with a debit card may explore Chargeback options.
In an Instagram post, SilkFred expressed deep sadness over entering administration. The company attributed financial struggles to the cost-of-living crisis, increased competition from fast fashion overseas, and escalating costs, making it challenging for independent brands to stay afloat.
SilkFred’s founders, including Emma Watkinson, Stephen Jackson, and Kate Jackson, acknowledged the support from customers, brands, and team members throughout their journey. The founders expressed gratitude to independent designers for their partnership and contribution to SilkFred’s growth.
Ms. Watkinson reflected on the positive impact SilkFred had on small businesses and emerging designers, creating job opportunities and helping dreams come true. The company’s loyal customer base was also praised for their role in supporting small businesses and emerging designers, generating over $500 million in sales.
Overall, SilkFred’s administration marks a significant development in the fashion industry, highlighting the challenges faced by independent brands in a competitive market environment.