SilkFred, an online platform for fashion, has gone into administration. The company collaborates with 500 fashion brands such as Apricot, Goddiva, Pretty Lavish, and Lily and Lionel. The announcement of the collapse was made via an Instagram statement earlier this week.
SilkFred appointed Quantuma, a financial advisory firm, to manage the administration process that began at the end of November. Quantuma has indicated that no more orders will be fulfilled, and they aim to refund customers whose orders have not been dispatched yet. However, there may be limitations on the refunds available.
In a recent statement, SilkFred expressed deep regret over the situation, citing the financial challenges faced by consumers due to increasing living costs and the competitive nature of the fast-fashion industry. The company praised its achievements in empowering women to find fashionable outfits and supporting numerous independent designers.
Founded in 2011 by Emma Watkinson, along with Stephen Jackson and Kate Jackson, SilkFred has expressed gratitude to its customers, partner brands, and team members for their support. The company’s founder, Emma Watkinson, acknowledged the contributions of independent brand owners and emerging designers who played a significant role in SilkFred’s journey.
Despite the unfortunate turn of events, SilkFred remains thankful for the opportunities it provided to small businesses and emerging designers, creating jobs and fulfilling dreams worth over $500 million in clothing sales.