British couture house Ralph and Russo have been placed into administration, citing the impact of Covid-19.
On the brand’s Instagram, Tamara Ralph, creative director and Michael Russo, chief executive of Ralph and Russo, said in a joint statement: “It is with great sadness that after 11 years we announce that Ralph and Russo has today been placed into administration.
“This difficult decision has been made to help ensure the company’s ongoing success and to restructure the business after the retail economy across the world has been badly hit by the Covid-19 pandemic.”
Ralph and Russo, founded in 2010 and has been a fan of celebrities on the red carpet since it launched, and gained international recognition when the Duchess of Sussex, wore one of the designer’s dresses in her engagement photographs.
However, Covid-19 has seen orders dry up in the wake of global lockdowns and the cancellation of weddings and red carpet events, and even led to the London-based couture and ready-to-wear label cancelling its couture presentation in January. At the time, it did say that it hoped to return to the couture calendar in July.
British couture house Ralph and Russo placed into administration
There has been speculation over the couture house’s future following a lawsuit with one of its minority investors Candy Ventures, an investment company belonging to the luxury real estate mogul Nick Candy. The suit, filed in the High Court, involves the disputed terms of a 17-million pound loan, and Candy’s role as an investor.
The statement, added: “We’re incredibly proud of our unique position in the market as one of the world’s most exclusive luxury brands, achieved through sheer hard work, determination and a love for what we do.
“It is our intention that the business will continue to operate throughout this time, and we remain fully committed to supporting our incredibly loyal global clientele and our wonderful staff, who without which none of this would have been possible. With your support we remain full of hope and optimism for the future.”
Ralph and Russo look to restructure business after being hit by lack of sales due to pandemic
Ralph, also added a statement on her personal Instagram, saying: “I put my heart and soul into my work and everything I create and I’m incredibly proud to have been able to build a global brand in as little as 11 years.
“The world has been badly hit by the financial downturn caused by the Covid-19 pandemic and we could have never predicted its impact on businesses and retailers across the globe.
“I established this brand with little more than my own will, sheer determination, creativity, and a handful of my sketches. The women I create for, I admire and love. You are my constant inspiration and the reason I do what I do, and will continue to. You have become my close friends and family.
“My incredibly talented and loyal staff and master craftsman who I’ve had the pleasure of working alongside over the years, you are and continue to be, the heart and soul of the house and I’m forever thankful for your passion and talent. Without you, I could never have created. You are truly special and I hope I have the honour of continuing working with you for many more years to come.”
The troubling news comes just six weeks after Ralph became a mother.
Ralph, added: “I am eternally thankful for those who have been there for me and supported the brand over the years and I will endeavour with all my heart to move through this period positively and to take the business forward to secure the future of the brand for my staff and my clients.
“The restructure plans for the brand are to help ensure its ongoing success and to hopefully secure a solid path for the future of the company. The brand I created was only the start, and as this new chapter opens, I move into this period with positivity and strength knowing that this is only the beginning of something new.”
Image: courtesy of Ralph and Russo