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A major o nline fashion retailer with over 500 brands has COLLAPSED into administration. SilkFred, which connects independent brands and designers with consumers, began the process at the end of October. Based in London, the brand has expanded internationally, with platforms for Australia, Ireland, the United Arab Emirates, and the US as well as the UK. According to reports from Drapers, SilkFred filed a notice of intention to appoint an administrator on Friday, October 24. SilkFred posted a statement on its website on Monday, November 3, regarding the update. READ MORE Older drivers face new roadside test in England and could have licence revoked “We’re currently offline for maintenance. Please check back soon,” the statement read. It comes in the same week fo HMV's remarkable resurgence following its own financial crisis. HMV returned to Oxford Street in November 2023, whilst recent expansions into Solihull , Canterbury and Belfast demonstrate renewed confidence in physical retail presence. Experts at accountancy firm Archimedia Accounts previously shared: "It is important to recognise that despite the many store closures in recent times, retail is not dying, but evolving. "Therefore, it is essential that businesses constantly adapt and react to the market. Store closures themselves don’t always need to signal a ‘downfall’ or an ‘end’, sometimes they can signify a key step toward financial recovery and a shift in focus on areas such as e-commerce. “I would strongly advise retailers to focus on vigorous and consistent financial management. This is the foundation for long-term survival and growth, with financial planning and forecasting playing a critical role in risk assessment and overall strategic management." HMV managing director Phil Halliday said: “We’re constantly striving to create new homes for communities of fans to come together and share their love of music and popular culture. “That’s why we’re so thrilled that, after five years of working on a deal, we’re finally able to open a new store in Peterborough and meet the strong public demand. “We are also set to open our first store in The Netherlands and a third store in Ireland before the end of the year, in The Hague and Cork respectively.”
