SilkFred, an online fashion marketplace, has gone into administration, as confirmed in a recent statement. The company, known for its collaboration with 500 fashion brands such as Apricot, Goddiva, Pretty Lavish, and Lily and Lionel, made the announcement this week. The administration process began at the end of November, with Quantuma, a financial advisory firm, tasked to oversee the proceedings.
In light of the situation, Quantuma has advised that no new orders will be fulfilled, aiming to provide refunds to customers whose orders remain undelivered. However, it is cautioned that if refunds cannot be processed, obtaining reimbursement directly from SilkFred might not be feasible.
For individuals awaiting orders, the possibility of claiming funds through the Administration is uncertain due to financial constraints. In such cases, customers are advised to contact their credit or debit card providers to explore potential refund options. Specifically, individuals who made purchases exceeding £100 but less than £30,000 via credit card can utilize Section 75 protection, while debit card users may consider utilizing Chargeback for refunds.
SilkFred expressed deep regret over the turn of events, attributing the collapse to the ongoing cost-of-living challenges and increased competition in the fashion industry. The company highlighted its pride in connecting women with empowering outfits and supporting numerous independent designers over the years.
Founded in 2011 by Emma Watkinson, Stephen Jackson, and Kate Jackson, SilkFred received heartfelt appreciation from its founders and team members for the support received from customers, brands, and partners. The company’s dedication to empowering small businesses and emerging designers was emphasized, acknowledging the significant contributions made by its loyal customer base.
As the fashion marketplace navigates this difficult period, the impact of its closure on the industry and its stakeholders remains a concern.