SilkFred, an online fashion marketplace, has gone into administration. The company collaborates with 500 fashion brands like Apricot, Goddiva, Pretty Lavish, and Lily and Lionel. A statement released on Instagram this week confirmed the collapse.
SilkFred entered administration at the end of November and has appointed the financial advisory firm Quantuma to oversee the process. Quantuma has informed that no more orders will be fulfilled and aims to refund customers whose orders have not been shipped yet.
Unfortunately, if refunds cannot be processed, customers may not be able to recover their money from SilkFred. The company mentioned that owed money will be a claim in the Administration, but there might not be sufficient funds for payouts. Customers waiting for orders are advised to contact their credit or debit card provider for potential refunds.
For purchases over £100 but under £30,000 made with a credit card, consumers can utilize Section 75 protection. Alternatively, those who paid by debit card may explore Chargeback options to seek refunds.
SilkFred expressed sadness on Instagram about entering administration due to the financial challenges posed by the cost-of-living crisis and increased competition from global fast fashion brands. Despite the setback, the company remains proud of its role in empowering women to find stylish outfits and supporting numerous independent designers.
Established in 2011 by Emma Watkinson, Stephen Jackson, and Kate Jackson, SilkFred has expressed gratitude to its customers, partner brands, and team for their support over the years. Watkinson acknowledged the dedication of independent brand owners and emerging designers who contributed to the platform’s success.
The company’s loyal customer base was also recognized for their significant contribution to small businesses and emerging designers, generating over $500 million in sales. SilkFred expressed appreciation for creating employment opportunities and fulfilling dreams for many individuals.