The Siblings Have Formulated A Brand Rescue Plan
FTS Recovery, the appointed administrator for Christopher Kane, has confirmed that Christopher and Tammy Kane, the original founders of the brand established in 2006, have successfully repurchased their company. The siblings have fully settled the debt owed to the secured creditor, marking a significant step in the brand’s rescue.
In a concise statement, FTS Recovery disclosed that Christopher and Tammy Kane have acquired both the Christopher Kane and More Joy fashion labels, culminating a sale process that was unveiled last month.
“The sale of the assets has managed to ensure repayment in full of the secured creditor, and we anticipate that a distribution will also be made available to the preferential creditors,” explained Marco Piacquadio, director, FTS Recovery.
The administrator expressed its ability to swiftly secure the sale of all trade names, trademarks, and other intellectual property back to the original brand founders. However, further details pertaining to the sale process and the identities of the creditors were not provided.
According to a separate filing on Companies House, the official register of UK businesses, the company’s name has been changed from Christopher Kane Ltd. to K Realisations 2023.
In the preceding month, the board of Christopher Kane took the decision to appoint FTS Recovery as administrators as part of the company’s efforts to rescue its business, meet creditor obligations, and avert liquidation.
Amidst the challenges posed by the COVID-19 pandemic, several British brands have faced difficulties, and the acquisition of their IP and assets has been critical to their survival. Notably, The Vampire’s Wife secured fresh funds from existing investors and resolved outstanding debts owed to the UK Revenue and Customs, while luxury lingerie brand La Perla also raised new funds and cleared its outstanding debts that led to winding-up petitions.
Christopher Kane joins the ranks of fashion labels that have successfully addressed their debt concerns, with the company continuing to operate, albeit without plans to participate in London Fashion Week in September.
The Kane siblings have actively engaged with the market through Amazon Luxury Stores, showcasing their fashion collections. Additionally, they have placed significant emphasis on More Joy, a secondary line offering a diverse range of products, including T-shirts, hoodies, eyewear, water bottles, and yoga mats.
The inspiration and typeface for the More Joy collection derived from “The Joy of Sex” books, with Kane’s fall 2018 collection incorporating erotic illustrations from the books into marabou-trimmed dresses and tops.