The news around LK Bennett may have gone fairly quiet since the failed company was acquired out of administration by its Chinese franchise partner, but it has emerged that the company owed almost £32m to creditors.
The problems are mounting for Jack Wills and now it seems that the company's owner is considering selling the brand. Reports said KPMG has been appointed as its advisor and is looking at all options for its future.
Reiss, the mid-market brand patronised by royal influencers the Duchesses of Cambridge and Sussex, was said this week to be up for sale but the company's owner has denied that it wants to exit its investment.
Mid-market fashion retailer Reiss benefited from fewer markdowns, operational improvements, upgraded product and the publicity generated by the Duchess of Cambridge’s fondness for the brand to post improved 2018 results.
It’s official, LK Bennett is now owned by a company set up by one of its supplier-partners. It becomes the latest prominent name to be acquired by a Chinese business with its Chinese franchisee now in the driving seat.
LK Bennett hasn’t yet announced its new owner, but it's already taking action to liquidate its US stock and is asking for bankruptcy court permission to begin closing-down sales at its US stores and its webstore.