A MAJOR clothing retailer loved by Kate Middleton has been sold to Next after collapsing into administration.
Maternity fashion brand Seraphine stopped trading earlier this month, leaving the majority of its 95 staff redundant.
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Seraphine had 10 stores across the world at its peak and was stocked in John LewisCredit: Getty
It appointed appointed administrators Interpath at the start of July.
The Seraphine brand and intellectual property has now been sold to next for £600,000.
Next said it “intends to provide a stable platform for Seraphine’s relaunch, refocusing the business on what it does best; creating stylish, practical solutions for new and expecting mums around
the world”.
The clothing brand was worn by the Princess of Wales during her three pregnancies.
She had even worn the brand for the first official family portrait after Prince George’s birth.
Its popularity soared after she was spotted wearing the designs, and items even started selling out.
At its peak, Seraphine had 10 stores around the world including in New York and Paris.
Its flagship store was on Kensington High Street in London, and it had also been stocked in John Lewis and Next.
The company had been struggling financially for some time.
It had listed on the London Stock Exchange in 2021 with a valuation of £150million.
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But two years later it was taken back into private ownership with its value falling dramatically to £15.3million.
The brand had attempted a relaunch in April focusing on “form, function and fit” but was still unable to recover.
Interpath said the retailer had been hit hard by “rising costs and brittle consumer confidence”.
The Financial Times is reporting that Cecile Reinaud, who founded Seraphine in 2002, will return to the brand as an advisor.
She had left the company in 2021 and was critical of the direction it had taken afterwards.
Reinaud had opposed the loss of Seraphine’s “unique British heritage” and its signature regal purple branding, which were replaced with a Scandinavian-style aesthetic.
“My original vision was to create clothes you’d want to wear even if you weren’t pregnant,” she said.
“That guiding principle seems to have vanished now.”
In a statement following the takeover, she said: “I’m very happy to see Seraphine find a new home with Next, a British brand with so much
heritage and customer trust that resonates with millions of women and families.
“This new ownership feels like a good fit and I believe Seraphine will thrive again.”
Next known for snapping up struggling retailers
Retail giant Next has become known for taking over struggling businesses.
Its growing list of retail acquisitions cements the group as one of the most prolific buyers of rival high street fashion chains.
The fashion giant also snapped up retailer Fatface for a whopping £115.2million.
Earlier this year, Cath Kidston was bought by Next after falling into administration.
Next started selling Gap clothing online in late 2021, after it took over the running of the high street brand.
It then started selling Gap clothing in stores in early 2022.
It also agreed a sale to buy struggling lingerie brand Victoria’s Secret in a move that saved its UK shops and website.
Earlier in 2022, it took a stake in baby and maternity clothing retailer JoJo Maman Bebe.
Plus, it rescued online furniture retailer Made from administration.
It opened its first brick-and-mortar store since being acquired in November 2023.