SilkFred, an online fashion marketplace, has gone into administration, affecting its collaboration with 500 fashion brands like Apricot, Goddiva, Pretty Lavish, and Lily and Lionel. The announcement of the company’s collapse was made this week on Instagram. The administration process, initiated at the end of November, is being managed by financial advisory firm Quantuma.
Quantuma has informed that no new orders will be fulfilled, and efforts are being made to refund customers whose orders have not been shipped yet. However, it is cautioned that refunds may not be possible if processing issues arise. Customers awaiting orders are advised to explore options with their credit or debit card providers for potential refunds.
For transactions exceeding £100 but less than £30,000 made with a credit card, Section 75 protections can be utilized, while Chargeback can be considered for debit card payments. SilkFred expressed regret over the current situation, attributing the collapse to the financial challenges faced by consumers due to the cost of living crisis and intensified competition from global fast fashion brands.
The company, founded in 2011 by Emma Watkinson, Stephen Jackson, and Kate Jackson, acknowledged the support of its customers, partner brands, and team members. Watkinson expressed gratitude to all those involved in SilkFred’s journey, emphasizing the positive impact on small businesses and emerging designers. The company’s closure marks the end of a significant chapter, symbolizing the challenges independent brands face in the evolving fashion industry.
