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A beloved online fashion platform has collapsed into administration, leaving bosses "heartbroken" as they break the devastating news to loyal customers. SilkFred, the London -based marketplace that championed independent brands and designers, began the administration proceedings at the close of October. The womenswear specialist, which partnered with trendy labels such as Apricot, Goddiva, Pretty Lavish, and Lily and Lionel, filed paperwork signalling its intention to appoint administrators on October 24, before formally entering administration the following Wednesday (October 29). The collapse has forced the company to shut down its online shopping platform entirely, with financial experts Quantuma now steering the administration process. Quantuma has pledged to reach out to the payment processing company, stating it "hopes to issue refunds to customers whose items have not yet been dispatched for the money it is still holding", reports the Express . However, the firm has issued a stark warning that refunds may not materialise in every case. The administrators delivered the crushing blow: "Unfortunately, if they are unable to process a refund for you, then it will not be possible to obtain a refund from SilkFred. "The money owed to you will be a claim in the Administration, but unfortunately, there is unlikely to be any money to be paid out." However, customers who paid by credit card and are owed more than £100 are urged to get in touch with their card provider directly to see if they can secure a refund. SilkFred has confirmed its entry into administration, sharing the devastating news on Instagram: "We're heartbroken to share that SilkFred has entered administration. "In recent years the ongoing cost-of-living crisis has placed immense pressure on consumers, while rising costs and increasing competition from overseas fast fashion have made it increasingly difficult for independent brands to survive. "We remain incredibly proud of what SilkFred achieved - helping women discover outfits that made them feel amazing, while supporting hundreds of independent designers to grow their businesses. "We're deeply grateful to everyone who's been part of our journey - our customers, our brands, and our team. "Thank you to everyone who's been part of our journey. You made SilkFred what it was." Company founder Emma Watkinson, who launched the business in 2011, posted her own heartfelt message on Instagram: "To everyone who backed us, shopped with us, sold with us, and worked with us, thank you. "Thank you to every independent brand owner and emerging designer who partnered with us. It was your drive and passion that gave us our reason for being. "Seeing a lot of your businesses go from market stalls and kitchen table side hustles to multi-million pound businesses, selling in major retailers worldwide has made so much of this journey worthwhile." She also expressed her gratitude to SilkFred's customers, whose "search for the perfect outfit sold over $500 million worth of clothes for small businesses and emerging designers. "You helped to create jobs and opportunities for so many people - you really did make a lot of dreams come true." For the latest breaking news and stories from across the globe from the Daily Star, sign up for our newsletters.
