Tue, 26 May 2020 | ADMINISTRATION
DVF Studio, the UK business of fashion designer Diane von Furstenberg, has gone into administration and has announced the permanent closure of its flagship store on Bruton Street, Mayfair. In a letter to UK clients, von Furstenberg cited the pressure that coronavirus lockdown had taken on the business.
Along with its Mayfair store, the company has points of service at several prestigious UK department stores and operates an e-commerce platform. In February, the company announced that it was entering the rental market, launching its subscription service through its online platform dvflink.com. Its parent company is DVF Studio LLC.
In a statement, DVF Studio’s Finance Director Andrew Stokoe said: “DVF is resetting its business model and that, unfortunately, has resulted in a decision to close our store in Mayfair, London. We are continuing to invest in e-commerce and the DVF.com platform and remain committed to support our loyal customers in addition to our global network of franchise partners and wholesale accounts”
“We particularly look forward to welcoming our UK clients to our points of sale in Selfridges, Harvey Nichols and Harrods”, Stokoe added. In her letter to clients, meanwhile, von Furstenberg wrote: "It's with a lot of sadness that DVF UK had to close due to the very difficult present situation. DVF.com continues to be at your service and I will stay in touch to let you know of our future adventures.”
In its most recent accounts, to the year ending December 31 2018, DVF Studio UK reported fixed assets of £559,593, current assets of £3.2 million and net assets of £1.49 million, its profit after taxation was £124,052. However, the company derives all its revenue from parent company DVF Studio LLC, which reportedly made losses of $22.1 million last year.
View the latest distressed UK businesses here.
Established for approximately 6 years – this company has grown to become one of the leading pet and aquatic retail businesses in the area. It has a predominantly domestic customer base – the vast majority of its sales are to the domestic market.
LEASEHOLD
The company produces and supplies a wide range of coffee products created using ethically sourced beans from South America. The core products comprise wholebeans, grounds, single-origin roasts, blends, cold brews and compostable pods.
LEASEHOLD
The company offers an extensive range of luxury cars, including vehicles from prestigious manufacturers such as Aston Martin, Ferrari, Lamborghini and Rolls Royce. The business operates with a unique showroom-free approach, utilising a dedicated onli...
FREEHOLD
07
|
Feb
|
Administrators exploring accelerated sale of telecoms contractor | ADMINISTRATION
Administrators from RSM UK Restructuring Advisory LLP are se...
06
|
Feb
|
M&Co brand bought out of administration, but 170 stores still to close | ADMINISTRATION
Scottish clothes retailer, M&Co has been bought out of admin...
06
|
Feb
|
Australian firm announced as preferred bidder for collapsed UK battery start-up | ADMINISTRATION
Recharge Industries has been named as the preferred bidder f...
Sign up to receive our acquisition alert emails to get your FREE guide
Business Sale Report is your complete solution to finding great acquisition opportunities.
Join today to receive:
All this and much more, including the latest M&A news and exclusive resources