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.
High stock level and has facilities for the repair and recondition of most types of mobility vehicles. The business is one of the largest retailers of mobility equipment in the whole of the UK.
LEASEHOLD
The business has been under the careful and meticulous ownership for the last 8 years, building up an enviable reputation not just locally but within the industry in general, a true testament to the hard work and dedication from the current owner.
LEASEHOLD
The business has traded from this site for over 10 years and was later purchased by the owner 4 years later who embarked on a complete transformation to enable him to attract a wider customer base.
FREEHOLD
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