{"id":166482,"date":"2020-05-28T16:53:00","date_gmt":"2020-05-28T16:53:00","guid":{"rendered":"https:\/\/www.theindustry.fashion\/monsoon-accessorize-on-the-brink-of-administration-putting-3500-jobs-at-risk\/"},"modified":"2021-08-06T12:05:55","modified_gmt":"2021-08-06T12:05:55","slug":"monsoon-accessorize-on-the-brink-of-administration-putting-3500-jobs-at-risk","status":"publish","type":"post","link":"https:\/\/www.theindustry.fashion\/monsoon-accessorize-on-the-brink-of-administration-putting-3500-jobs-at-risk\/","title":{"rendered":"Monsoon Accessorize on the brink of administration putting 3,500 jobs at risk"},"content":{"rendered":"<p>Monsoon Accessorize is <strong>reported to be on the brink of appointing an administrator<\/strong> putting 3,500 jobs at risk.<\/p>\n<p><!--more--><\/p>\n<p>The fashion chain is <strong>reported to have lined up FRP Advisory to file\u00a0notice of intention to appoint administrators<\/strong> in the coming days.<\/p>\n<p>Should the administration go ahead it will be<strong> one of a number of fashion retail businesses to fall into the hands of administrators<\/strong> during the COVID-19 crisis.<a href=\"https:\/\/www.theindustry.fashion\/no-buyer-found-for-oasis-and-warehouse\/\"> Oasis and Warehouse have both disappeared from the high street<\/a>, having been closed altogether, while Cath Kidston has closed all its stores and will operate online only following its administration.<\/p>\n<p>FRP Advisory has been working with Monsoon Accessorize since March and the company has been trading under a CVA since last July.<\/p>\n<p>Its founder<strong> Peter Simon has been seeking a buyer for the business<\/strong> but sources do not rule out a possibility of Simon part of the business out of administration, should that come to pass.\u00a0The company currently has around 135 stores having closed 12 as part of its CVA.<\/p>\n<p>Sofie Willmott, Lead Retail Analyst at GlobalData, said the\u00a0business had been looking \"unsteady on its feet\" for some time but the <strong>cancellation of social events during the COVID-19\u00a0crisis had left it particularly exposed.\u00a0<\/strong><\/p>\n<p><a href=\"https:\/\/www.theindustry.fashion\/subscribe-now\/?utm_source=website&amp;utm_medium=banner&amp;utm_campaign=insight_button&amp;utm_content=insight_button_0719\" target=\"_blank\" rel=\"noopener noreferrer\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-143048 size-full\" src=\"https:\/\/www.theindustry.fashion\/wp-content\/uploads\/Screenshot-2020-05-11-at-18.39.04-2.png\" alt=\"\" width=\"1680\" height=\"268\" \/><\/a><\/p>\n<p>\u201cClothing &amp; footwear is set to be the worst hit retail sector by crisis with<strong> spend forecast to fall over 30% this year<\/strong> and Monsoon\u2019s focus on occasionwear has left it particularly exposed to the slump in demand. A significant proportion of Monsoon\u2019s range is designed with weddings and other special occasions in mind and with social gatherings on hold for the time being, it is at a disadvantage and cannot leverage other categories like loungewear and activewear, as other clothing specialists have done.<\/p>\n<p>\u201cPrior to the crisis <strong>Monsoon was gradually becoming less relevant in the UK clothing &amp; footwear market,<\/strong> with the brand lacking appeal and facing increased competition from emerging players such as Sosandar, Mint Velvet and Hush \u2013 making customer acquisition and driving loyalty a challenge. The retailer is reportedly planning to ask landlords for rent-free deals over the next few months to increase its chance of survival but Monsoon is unlikely to be a retailer that clothing shoppers rush back to. With social distancing set to remain throughout 2020, special occasions will be pushed back and Monsoon will struggle to encourage spend,\" Willmott said.<\/p>\n","protected":false},"excerpt":{"rendered":"<p> [&hellip;]<\/p>\n","protected":false},"author":11,"featured_media":138683,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"footnotes":""},"categories":[16042,10585,6,10494],"tags":[5707,11917,10782,10784,14237],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.7 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Monsoon Accessorize on the brink of administration putting 3,500 jobs at risk - TheIndustry.fashion<\/title>\n<meta name=\"description\" content=\"Monsoon Accessorize is reported to be on the brink of appointing an administrator putting 3,500 jobs at risk. 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