Christopher Kane seeks rescue for fashion brand
Christopher Kane, the Scottish fashion designer, has called in advisers to help save his business from collapse.
The precarious state of the firm comes five years after the 40-year-old regained control from Kering Group, the French fashion conglomerate.
Kane’s label has called in FTS Recovery to seek a buyer or partner to refinance its debts in an attempt to avoid liquidation.
He has filed a notice of intention to appoint administrators in a move that will give the company breathing space from creditors for ten days.
In a statement, the firm said: “This difficult decision has been reached to give the company sufficient time to implement a rescue plan. Key stakeholders have been notified.
“A period of accelerated marketing activity will now follow, with a view to locating potential interested parties to either refinance the company’s existing debt, or alternatively locate a purchaser for the business and assets.”
Lanarkshire-born Kane established his brand in 2006 after graduating from Central Saint Martins College in London.
Kering, the $60 billion house behind brands including Gucci and Balenciaga, bought a 51% stake in the company in 2013 and opened an outlet in Mayfair, central London.
Kane and his sister, Tammy, bought it back five years later but it struggled when the pandemic hit, forcing it to close the London shop in 2020.
The company reported an operating loss of £5.3 million that year, according to its most recent set of full accounts.