SilkFred, an online fashion marketplace, has recently gone into administration. The company collaborates with 500 fashion brands like Apricot, Goddiva, Pretty Lavish, and Lily and Lionel. In a statement released on Instagram this week, SilkFred confirmed its collapse at the end of November and appointed Quantuma, a financial advisory firm, to oversee the process.
Quantuma has indicated that no new orders will be fulfilled and aims to refund customers whose orders have not been shipped yet. However, there is a possibility that not all refunds can be processed due to financial constraints. Customers awaiting orders are advised to contact their credit or debit card provider for potential refund assistance.
For customers who spent between £100 and £30,000 using a credit card, Section 75 protection may apply, while debit card users can explore Chargeback options for refunds. SilkFred expressed sadness over the situation on Instagram, attributing the collapse to economic challenges and increased competition in the fast fashion industry.
The company, founded in 2011 by Emma Watkinson, Stephen Jackson, and Kate Jackson, acknowledged the support received from customers, brands, and team members throughout the years. Despite the setback, SilkFred expressed gratitude for the opportunities created for independent designers and small businesses, thanking everyone involved in their journey.