SilkFred, an online fashion marketplace, has gone into administration. The company, which collaborates with 500 fashion brands such as Apricot, Goddiva, Pretty Lavish, and Lily and Lionel, made the announcement on Instagram this week.
The administration process began at the end of November, with Quantuma, a financial advisory firm, overseeing the proceedings. Quantuma has stated that no new orders will be fulfilled and aims to refund customers whose orders have not been dispatched yet.
Unfortunately, if refunds cannot be processed by SilkFred, customers may not receive their money back as there might not be sufficient funds available. Customers awaiting orders are advised to contact their credit or debit card providers for potential refund assistance.
For consumers who spent over £100 but less than £30,000 using a credit card, Section 75 protection may apply. Alternatively, those who paid by debit card could explore using Chargeback to seek a refund.
SilkFred expressed sadness over the situation on Instagram, attributing financial challenges and intense competition in the fast-fashion industry as contributing factors. Despite the outcome, the company highlighted its support for independent designers and thanked its customers and team for their contributions.
Established in 2011 by Emma Watkinson, Stephen Jackson, and Kate Jackson, SilkFred received appreciation from Ms. Watkinson for the support from customers, brands, and partners. The company’s impact in helping small businesses and emerging designers reach a wider audience was acknowledged, reflecting on the positive influence it had in the fashion industry.