Written by: Keith Tully
Published: 22nd December 2014
The online fashion business My-Wardrobe has stopped trading after struggling to reach a state of financial sustainability over the course of recent quarters.
Elements of the business, including its online domain name, have been acquired by its one-time digital rival Net-a-Porter, to whose website visitors to www.my-wardrobe.com are now being redirected.
Net-a-Porter is understood to have acquired the domain name as an opportunity simply to gain from the company’s online presence but has made clear that it has not actually bought the business or taken on any of its liabilities.
A statement on the issue released by the Net-a-Porter Group said: “We are sorry to inform you that My-Wardrobe is no longer trading. We thank you for your loyal custom and we are pleased to introduce you to the Net-a-Porter Group.”
My-Wardrobe has reportedly been selling off its stock at prices discounted by as much as 70 per cent in recent weeks, in an apparent effort to raise funds that might have staved off disaster. That point though has apparently been reached, although the one high street shop run by the business, in West London, is to stay open for now and returns will still be honoured for the new few weeks.
No official comments on the latest turn of events have been forthcoming from My-Wardrobe but it is no secret that the company has been struggling to stay afloat for well over year. The retailer began life in 2006 and attracted various rounds of equity investment intended to help establish a global presence for the company and to create an enviable reputation as an online fashion destination.
However, financial difficulties saw several changes of management and eventually led to the business entering administration in November 2013. Although, within a matter of just a few weeks a buyer was found and the My-Wardrobe business was sold through a pre-pack administration deal.
The few remaining employees of the company are expected to leave their roles over the course of the coming few weeks.