Nicole Farhi has gone into administration. Peter Saville, Fraser Gray and Anne O'Keefe, partners at advisory and restructuring specialists Zolfo Cooper, were appointed joint administrators of NF Fashion Limited and NF Acquisitions Limited (which together trade as Nicole Farhi), today.
The administrators will continue to trade the label, while exploring all possible options for its future, including sale of all or part of the business.
"Nicole Farhi is a very powerful retail brand. Unfortunately, as with many other fashion retailers, the decline in high street spend, coupled with rising costs has led to increased financial pressures on the business," said Saville. "We are already in discussions with a number of interested parties who value the strength of the Nicole Farhi brand. We intend to continue to trade the business and will be working hard to identify the best possible outcomes regarding preservation of jobs, the value of the business and returns to creditors. As this work continues we will make further announcements as appropriate."
The British brand was founded by Farhi and her then-husband, French Connection boss Stephen Marks, in 1982. The label is currently helmed by Joanna Sykes former designer at Aquascutum who took over the creative direction in September 2012.
The administrators will continue to trade the label, while exploring all possible options for its future, including sale of all or part of the business.
"Nicole Farhi is a very powerful retail brand. Unfortunately, as with many other fashion retailers, the decline in high street spend, coupled with rising costs has led to increased financial pressures on the business," said Saville. "We are already in discussions with a number of interested parties who value the strength of the Nicole Farhi brand. We intend to continue to trade the business and will be working hard to identify the best possible outcomes regarding preservation of jobs, the value of the business and returns to creditors. As this work continues we will make further announcements as appropriate."
The British brand was founded by Farhi and her then-husband, French Connection boss Stephen Marks, in 1982. The label is currently helmed by Joanna Sykes former designer at Aquascutum who took over the creative direction in September 2012.
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| Nicole Farhi |
Farhi's Bond Street flagship - which was also home to famed restaurant Nicole's - relocated to a site on Conduit Street in 2011. The Bond Street site is now the home of Chanel's new flagship.
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