Mar 11, 2019
Pretty Green calls in advisers as high street bloodbath continues
Mar 11, 2019
Liam Gallagher’s loss-making menswear brand Pretty Green has hired advisers to look at options for the business after taking a hit from House of Fraser’s collapse last year.
The brand, established by the Oasis frontman in 2009, has 12 standalone stores across the UK and 20 concessions in House of Fraser branches. This reliance caused the brand to suffer a major blow when House of Fraser fell into administration in August last year, owing it just over £500,000.
Moorfields Advisory, which has been appointed to review the brand’s options, said Pretty Green was also affected by the weaker retail environment.
"Pretty Green is not immune to the challenges facing the UK high street as customers migrate from purchasing in store to online," a spokesperson said.
The company made a pre-tax loss of £1.5m last year despite increasing sales by 32%. It had also reported losses of £5.6m a year before.
The brand’s chair Simon Rendell stepped down in December, and finance director Matthew Emerson is understood to have left this year.
Despite the challenges hitting the UK high street, advisers are confident about the future prospects of the business.
“The growing overall demand for the brand, coupled with a strong online customer base, position the company well to navigate these changes and we are therefore considering all options,” Moorfields said in a statement.
Pretty Green is the latest high street name to reveal its struggles amid changing consumer preferences. Last week, upmarket womenswear brand LK Bennett collapsed into administration, joining a growing list of struggling retail businesses.
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