Nicole Farhi: The Latest Designer to Collapse Into Administration
The British fashion label, Nicole Farhi has announced that it has entered administration and is looking for a new buyer to save the label.
The shocking, sad news of this financial crisis for the label will leave many Nicole Farhi fans in a state of worry and concern. Unfortunately, in times of economic struggle, the brand simply could not cope after Farhi left the business in the hands of others. “I stopped working there almost a year ago now and I was hoping it was in good hands and it would carry on – maybe it will, we never know. I knew it was not easy, but it’s not easy for a lot of fashion companies at the moment,” she claims.
Is There Still Hope?
Over 100 jobs are at risk and the stores are now currently only accepting gift vouchers and returned goods. The question on everybody’s minds is will the label be saved? Well, there are rumors that Nicole Farhi herself desires to purchase the label, despite staying out of the business for a long time. There are also other interested parties but time will tell and the state of the label is in great risk. It is thought that this issue of finance has partly stemmed from the label’s price range. Nicole Farhi is just a tad more expensive than a mid-market designer, with your average dress at around £300.00. With many shoppers wanting cheap prices from the likes of Primark or luxury goods from the likes of Chanel, perhaps Nicole Farhi was caught in between and could not attract enough sales and revenue to sustain the business.
Over the years, the label has tried desperately to save itself. There have been various owners and a private equity company pledged to invest up to £15 million for an international brand expansion, particularly within Asia. It seems that the brand simply could not deal with this economic climate, which is understandable and very sad indeed.
A Part Of Fashion History
The company’s recently notable collections include the Spring/Summer 2013 collection which featured all neutral shades and rich textures, as well as the Fall 2013 collection which featured menswear-inspired looks, a trend that was uncalled for and unique as a new Creative Director, Joanna Sykes led the collection. Whatever happens, I believe Nicole Farhi has tried hard to revive and improve both its business and creative designs and will be known as a great British fashion label to be proud of decades from now.