Maternity fashion brand worn by Princess of Wales falls into administration
Seraphine has posted a notice to appoint administrators, according to court filings on Monday. The documents reveal that financial advisory business Interpath has been brought in to handle the process.
It comes after weeks of attempts to find a buyer for the business. While there was some interest following a process that began in June, a buyer for the whole business could not be found. Seraphine is now expected to enter administration shortly.
Founded in 2002 in London by French entrepreneur Cécile Reinaud, the maternity brand's clothes were worn by the Princess of Wales in 2013 for the first official family portrait following the birth of Prince George.
Seraphine's clothing has also been worn by celebrities including Kate Winslet, Anne Hathaway, Sophie Ellis-Bextor and Myleen Klass.
The company floated on the London Stock Exchange in the summer of 2021 at a value of £150m. However, it suffered a string of profit warnings and Seraphine's majority shareholder Mayfair Equity Partners, a private equity firm, took it off the stock market in 2023.
At the time, Mayfair agreed to inject fresh capital as part of a takeover that valued the company at just £15.3m.
Seraphine has continued to struggle since going private. It made an operating loss of £13m on revenues of £42m during its latest financial year.
'Why abandon our unique British heritage?'
Ms Reinaud, who left Seraphine in 2021, has publicly criticised the stewardship of Mayfair.
She wrote on LinkedIn earlier this year: 'My original vision was to create clothes you'd want to wear even if you weren't pregnant. That guiding principle seems to have vanished now.
'Just yesterday, the brand unveiled a new logo that makes it resemble a Scandinavian label. Why abandon our unique British heritage and signature regal purple?
'Seraphine was once a proud example of British fashion entrepreneurship, recipient of two Queen's Awards: now, it seems to have lost its recognisable identity.'
Mayfair defended the rebrand at the time as 'a hugely exciting moment for Seraphine, with the unveiling of its enhanced website and refreshed brand identity that incorporated consumer desire for a modernised look and feel.'
The company's expected collapse marks the latest sign of mounting pressure on the high street. A string of fashion brands including Quiz Clothing and Select Fashion have entered administration in recent months.
The number of companies in critical financial distress rocketed towards the end of last year, according to corporate restructuring firm Begbies 'Red Flag Alert', rising 50pc between the end of September and December. Retail was identified as one of the sectors facing acute challenges.
High street businesses have been battling against a downturn in consumer confidence. Figures last month suggested that nervous families had frozen spending, with the British Retail Consortium finding that retail sales were up just 1pc in the year to May.
Like other businesses, shops also face higher costs as a result of the changes to employers' National Insurance contributions and minimum wage, which took effect in April.
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