In a pre-pack transaction, Christopher Kane and his sister Tammy Kane acquired the designer’s name-brand high-end clothing line and its more affordable More Joy brand, making them the new owners of the company’s assets and intellectual property.
An quick sale “to the original brand founders” had been secured, according to administrator FTS Recovery.
“The sale of the assets has managed to ensure repayment in full of the secured creditor,” the statement continued, “and we anticipate that a distribution will also be made available to the preferential creditors.”
The business filed a notice to appoint administrators in June, joining a number of other tiny British designer brands that had financial difficulties. The Christopher Kane news, which coincided with Julien Macdonald’s collapse, is a rare bit of good news for Britain’s under-resourced designer industry, which is among its most innovative.
Moreover, Julien Macdonald’s stock is being sold by FTS Recovery.
Prior to the administration, Christopher Kane had been frantically trying to refinance or find a buyer without luck. And it currently appears that it will remain a standalone label.
The last ten years have been a roller coaster for the Kane siblings. The company was formerly a part of Kering, which acquired a 51% share in it in 2013, but the Kanes regained control of it in 2018 when Kering concentrated more on its star labels. For a company whose products are all about occasion dressing, the pandemic was a difficult period. Kane, who attended Central Saint Martins and is still based in East London, has developed a celebrity following and has been a prominent name during London Fashion Week. Additionally, the brand has partnered with a variety of shops and businesses, including Topshop, Disney, and Versace.
