Roland Mouret, the London-based designer well known for dressing Meghan Markle, has gone into administration. As the market for high-end evening wear continues to take a hit with events and special occasions at a slower and smaller pace than usual, the brand’s business has been slower than usual.
It has been reported that Roland Mouret’s boutique and headquarters in London’s Mayfair were being emptied of valuable items on Thursday. 50 staff members are also being laid off. Like most fashion companies, the brand took a major hit during the pandemic, especially due to a lack of athleisure offerings, which became the standard as people were stuck at home in sweatpants and hoodies.
According to the Financial Times, Roland Mouret’s sales plummeted 80 percent at the start of the COVID-19 pandemic. It was estimated revenues would take five years to recover.
Before COVID-19, the brand was in a healthy position. The brand made a profit of 950,000 pounds on 16 million pounds of sales.
Roland Mouret was not available for comment at the time of this article.