In a major development for the British fashion industry, renowned designer Christopher Kane and his sister Tammy Kane have successfully repurchased the Christopher Kane fashion label and the lower-priced More Joy brand in a pre-pack deal. This deal grants them ownership of the brands’ assets and intellectual property.

The pre-pack deal was facilitated by FTS Recovery, an administrator specializing in distressed businesses. FTS Recovery announced that it had sold the assets back to Christopher and Tammy Kane, while also ensuring that the secured creditor would be fully repaid. There is also potential for distribution to the preferential creditors.

This buyback comes as a relief for Christopher Kane, as the company had previously filed a notice to appoint administrators, joining other struggling British designer labels. At the same time, the well-known designer Julien Macdonald went into liquidation. The fashion industry in Britain is known for its creativity, but lacks funding, making successful turnarounds like this one particularly noteworthy.

FTS Recovery, the administrator responsible for Christopher Kane’s pre-pack deal, also handled the sale of Julien Macdonald’s stock. The fact that both brands’ assets were acquired by their respective founders is a promising sign for the struggling designer sector.

Christopher Kane’s journey as a designer has had its ups and downs over the past decade. The label was previously owned by luxury conglomerate Kering, which acquired a majority stake in 2013. However, the Kanes regained control in 2018 as Kering shifted its focus to other flagship labels. The pandemic posed significant challenges for a brand that specializes in occasion dressing.

Despite the obstacles, Christopher Kane has risen to prominence, showcasing collections at London Fashion Week and attracting a celebrity following. The brand has also collaborated with esteemed labels and companies like Topshop, Disney, and Versace.

With their repurchased assets, Christopher and Tammy Kane are now independent label owners, bringing new life to their brand and the More Joy line. This pre-pack deal not only secures the future of Christopher Kane but also provides hope for other struggling British designers who deserve more recognition and support in the industry.

Useful links:

Vogue Business – Christopher Kane rescues his own brand in pre-pack administration deal

Reuters – Designer Christopher Kane buys back fashion label in pre-pack deal