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.
This profitable business was established by the present owner in February 2020. First year trading shows turnover of £836,006 and Gross Profits of £225,668 (27%). A well-presented Grocery Store in a prominent trading position in a busy shopping preci...
LEASEHOLD
Provides clients with bespoke design, manufacture, storage and distribution services for all their packaging requirements.
LEASEHOLD
Highly profitable and long established retailer with turnover of £10m. Scalable business model with detailed growth expansion plan.
LEASEHOLD
|
03
|
|
Aug
|
Private equity-backed CTS makes second acquisition of 2021 | BUSINESS SALE
Construction Testing Solutions (CTS) has completed the acqui...
|
03
|
|
Aug
|
Agricultural firm targeting acquisitions after strong results | BUSINESS NEWS
Agricultural firm NWF has said it will consider targeting ac...
|
02
|
|
Aug
|
TGM Partners scoops up manufacturing firms in double acquisition | BUSINESS SALE
TGM Partners, a company specialising in the acquisition and ...
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