SilkFred, an online platform for fashion, has gone into administration. The company, which collaborates with 500 fashion brands such as Apricot, Goddiva, Pretty Lavish, and Lily and Lionel, made the announcement this week on Instagram. The administration process commenced in late November with Quantuma, a financial advisory firm, overseeing the proceedings.
Quantuma has informed customers that no new orders will be fulfilled, and they aim to refund those whose items have not been shipped yet. However, if refunds cannot be processed by the company, customers may not receive their money back. Any outstanding payments will be considered as claims in the administration, but it is unlikely that there will be funds available for payouts.
For customers awaiting orders, contacting their credit or debit card provider for potential refunds is advised. Utilizing Section 75 for credit card purchases over £100 but less than £30,000 or exploring Chargeback for debit card transactions could help in reclaiming funds.
In a statement on Instagram, SilkFred expressed sadness over entering administration, attributing it to the financial strain on consumers due to the cost of living crisis and increased competition from fast fashion brands abroad. The company acknowledged its achievements in empowering women to find stylish outfits and supporting independent designers.
Established in 2011 by Emma Watkinson, Stephen Jackson, and Kate Jackson, SilkFred received gratitude from Watkinson for the support from customers, brands, and team members. The company’s closure marks the end of a journey that impacted many small businesses and emerging designers positively.
Watkinson also thanked the loyal customer base for contributing to over $500 million in sales, creating jobs, and fulfilling dreams for many individuals. The closure of SilkFred reflects the challenges faced by independent brands in the fashion industry amidst changing market dynamics.