The British occasionwear label, The Vampire’s Wife, has successfully avoided liquidation by reaching a settlement with the UK tax authority, HMRC. The brand was in danger of closure after a winding up petition was filed against it last month, prompting a court appearance set for July 12th. However, the label managed to secure funding from existing investors, including American record label executive Jimmy Iovine and his wife, Liberty Ross, who have been financing the brand since 2020.

Like many businesses, The Vampire’s Wife suffered greatly during the pandemic due to lockdown measures that limited sales of formal attire. With Iovine and Ross taking majority ownership in July 2020, the brand faced financial challenges stemming from decreased demand. The owed debt to HMRC was a direct result of the pandemic-related lockdown strategies. The company had previously requested additional time to repay the debt.

Fortunately, the brand has now found a path forward, reporting a resurgence in sales following the relaxation of lockdown measures. While specific financials for 2022 have not been disclosed, the brand incurred a loss of £2.1 million in 2021. However, it anticipates generating nearly £7 million in revenue by 2023 through a combination of direct-to-consumer sales and wholesale turnover.

Established in 2015 by model Susie Cave, The Vampire’s Wife quickly gained popularity for its unique and extravagant occasionwear. With price points starting at £1,000, the brand attracted luxury shoppers on platforms such as Net-A-Porter, Browns, and Matches. The Vampire’s Wife also operates its own webstore and has retail partnerships with renowned department stores like Harrods and Selfridges. Despite the challenges posed by the pandemic, the brand has successfully maintained its presence in the luxury fashion market.

The resolution of the tax debt issue and the brand’s optimistic sales outlook for the coming years instill hope for the future of The Vampire’s Wife. With the continued support of its investors and a renewed demand for occasionwear, the label can continue to captivate fashion enthusiasts with its unique aesthetic and secure its position in the industry.

Useful links:
1. Net-A-Porter – Online luxury fashion retailer
2. Harrods – Renowned department store in the UK