Alert over fashion label favoured by Duchess
THE future of designer Alice Temperley’s fashion label – a favourite of the Duchess of Cambridge – is in doubt following a health warning from the company’s auditors.
Despite raising £1.8m to fund a turnaround, losses at the brand, which sells £1,995 embroidered and sequinned evening gowns, have mounted.
In the company’s most recent financial accounts, accountants at RSM said that £1.4m in operating losses and net liabilities “indicate that a material uncertainty exists that may cast significant doubt on the company’s ability to continue as a going concern”. It posted a pre-tax loss of £1.7m for the year to December 2017.
It said that since closing stores in the US and shuttering its Alice by Temperley diffusion line in 2015, it had been focused on consolidating its supplier base and building its online business.
In September last year Temperley named Sally Hughes, who launched online beauty brand Glossier in the UK and ran Net-a-porter’s marketing division, as its new chief executive.
Temperley said that it was focused on building a “quality wholesale business” and it now had the right “operational structure, personnel and trading plans in place to leverage the brand’s popularity in a competitive market”.
The business has two stand-alone stores in Mayfair and Notting Hill. It also sells through department stores, and online at Matches and Net-a-porter, as well having a cheaper range, Somerset, in John Lewis.