SilkFred, an online fashion marketplace, has gone into administration, according to a statement released this week on Instagram. The company, which collaborates with 500 fashion brands like Apricot, Goddiva, Pretty Lavish, and Lily and Lionel, entered administration at the end of November and has appointed Quantuma, a financial advisory firm, to manage the process.
Quantuma has informed that no further orders will be fulfilled and expressed hopes of refunding customers whose items have not been dispatched yet. However, they cautioned that if they cannot process a refund, obtaining it directly from SilkFred may not be possible.
Customers awaiting orders are advised to reach out to their credit or debit card providers to inquire about refunds. For purchases exceeding £100 but less than £30,000 made with a credit card, Section 75 protection may apply, while Chargeback can be utilized for debit card payments.
SilkFred expressed deep regret over its administration on Instagram, attributing it to the financial strains on consumers due to the cost-of-living crisis and heightened competition from fast fashion companies abroad. The company acknowledged its achievements in empowering women to find confidence-boosting outfits and supporting numerous independent designers.
Established in 2011 by Emma Watkinson, Stephen Jackson, and Kate Jackson, SilkFred thanked its supporters, partners, and team members for contributing to its journey. Watkinson recognized the independent brand owners and emerging designers who collaborated with SilkFred, praising their dedication and impact on the platform’s success.
The company acknowledged its loyal customer base for generating over $500 million in sales for small businesses and emerging designers, creating job opportunities and realizing dreams.