Fri, 06 Mar 2020 | ADMINISTRATION
East-London-based fashion label House of Holland has appointed advisory firm KPMG as administrators and said it is seeking “additional investment” in order to continue trading.
The label, founded by designer Henry Holland, is famous for its t-shirts bearing branded slogans and has been endorsed by celebrities including models Agyness Deyn and Lily Cole.
Its brand is sold by retailers worldwide, including Selfridges and online retailer Net-a-Porter. However, its key outlet of department stores have come under pressure recently, with companies such as Debenhams and House of Fraser closing stores.
House of Holland had a decade-long collaboration with Debenhams, which is understood to have come to an end last year.
Holland announced earlier this week that he was stepping down from his role as creative director at the company in order to become a brand consultant.
The label has now appointed Will Wright and Steve Absalom from the restructuring practice at KPMG as joint administrators, citing a period of “difficult trading”.
KPMG has said that House of Holland will continue trading online and via wholesale accounts and that its seven staff will be retained while administrators seek further investment to keep the brand afloat. The company has total current assets of £1.3 million.
Joint administrator Will Wright commented: “House of Holland rose to prominence as a forward-thinking British label, with its signature slogan t-shirts and collaborations with a number of high street brands.”
“However, with apparel experiencing the same difficult trading pressures as others across the UK retail market, the company needed to raise additional investment in order for it to continue.”
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