Another UK fashion success story has turned into a failure with maternity brand Seraphine having entered administration.
The once-hot brand scored a number of publicity coups, including the Princess of Wales wearing it during her pregnancies (leading to item sell-outs), but it has now ceased trading with consultancy firm Interpath acting as administrators and most of its 95 staff made redundant.
It cited “trading challenges” and “fragile consumer confidence” in recent periods.
The company had been offering massive discounts ahead of the administration news but only a few weeks ago had said it was exploring investment opportunities and a potential sale. Its website is currently inaccessible.
The company was founded in 2002 and built steadily until high-profile celebrity endorsement in the last decade put it in the spotlight.
Its sales soared (from an admittedly small base) and it opened stores abroad pre-pandemic.
Founder Cécile Reinaud sold a two-thirds stake to Bridgepoint Growth in 2017 and in late 2020, it was acquired by Mayfair Equity Partners and the firm’s management under CEO (and former ASOS exec) David Williams. Reinaud reportedly walked away with a close-to-£20 million payout from the new owners.
Its summer 2021 stock exchange listing saw it valued at £150 million but by early 2023 it was valued at £15.3 million. That was after it has agreed to an offer of 30p a share from Mayfair.
Only its Kensington, London, store survived a number of closures across the UK, France and the US in 2023 but it opened an LA store last year. However, times continued to be tough and it relaunched in April this year with “a renewed focus on form, function and fit”. But cash flow pressures continued and the administrators’ job now being to try and salvage the company in whole or part.
The brand could be scooped up by a sector peer, general clothing retailer, or another privately-held business.
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