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British couture and RTW house Ralph & Russo falls into administration

Lauretta Roberts
17 March 2021

British couture and ready-to-wear house Ralph & Russo has been placed into administration having been rocked by the global coronavirus crisis.

The 11-year-old house, however, has said it will continue to operate for the time-being and the move was carried out 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."

Founded by Tamara Ralph and Michael Russo in 2010 the business had been backed by Candy Ventures, the investment business of property developer Nick Candy and the billionaire founder of Phones4U John Caudwell. Lars Windhorst’s Tennor Holding, which also controls luxury lingerie label La Perla, bought a minority stake in 2019 for £40 million, in a deal which at the time valued the company at around £175 million.

The company specialised in luxury and couture red-carpet and bridal outfits meaning it has been particularly badly hit by the pandemic with events, galas and weddings around the world cancelled. It hit the headlines in 2017 when Meghan Markle, Duchess of Sussex, wore one of its designs in her and Prince Harry's official engagement photos.

In 2014, it was the first British designer in nearly a century to be accredited by the Fédération de la Haute Couture et de la Mode in Paris as an official haute couture house. It is said that its average spend per customer is £50,000. As well as stores in London and New York it has boutiques in Doha, Dubai and Monaco.

The administration process is expected to generate interest from high net worth individuals and other investors but rumours abound that insiders could buy the business back.

In its statement, which was posted to its social media accounts, Ralph & Russo said: "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."

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