NICOLE FARHI, the luxury British fashion label, has collapsed into administration more than thirty years after it was founded by the eponymous designer.
Zolfo Cooper has been hired as administrator to the brand, which employs 119 people and has five stores, 10 concessions and a wholesale business selling to department stores like John Lewis.
Nicole Farhi’s collapse is the latest blow to a retail industry which has seen a string of names such as Aquascutum and Comet succumb to the downturn.
Zolfo Cooper said the company will continue to trade as it tries to sell all or part of the business, adding that talks with interested parties were already under way.
“Nicole Farhi is a very powerful retail brand. Unfortunately, as with many other fashion retailers, the decline in high street spend coupled with rising costs has led to increased financial pressures on the business,” Zolfo Cooper’s Peter Saville said.
Nicole Farhi, which was founded in 1982, has had two different owners in the past three years and is now owned by private equity firm Kelso Place Asset Management.