It’s Ultimover for Baroness Bra
MICHELLE MONE said yesterday she was “very sad” the Ultimo underwear firm she set up 21 years ago is to cease trading in the UK.
She established the lingerie brand – whose models have included Penny Lancaster and Abbey Clancy – in 1996.
The firm achieved international success after actress Julia Roberts reportedly wore an Ultimo bra in the hit film Erin Brockovich and Michelle was made a Tory peer, becoming Baroness Mone of Mayfair. But Sri-Lankan based MAS Holdings acquired the majority of the company in 2014 and she resigned as a director the following year.
Now the firm has announced that following an extensive review of the business, it will be shutting down its UK arm, putting 11 jobs at Ultimo headquarters in East Kilbride at risk.
Lady Mone said she was “immensely proud” of what the firm had achieved. She tweeted: “It’s very sad to see that Ultimo, the brand I created 21 years ago is closing down. I turned Ultimo into a Global success story and I am immensely proud of what we achieved. Please note that I sold Ultimo and left the company four years ago.
Challenging
“I may comment further shortly, when the time is right.”
An Ultimo spokesman said: “The last few years have been extremely challenging, driven by increasing competition in the market and cautious consumer spending.
“Having reviewed the business’s performance over the last three years and considering the environment within which the business is operating, the board has, with regret, decided to cease operations of the Ultimo business in the UK.”
The Ultimo website will continue trading until April 15 while stocks last.