Scottish fashion designer Christopher Kane could be shutting down his namesake label which he founded in 2006 with his sister Tammy Kane.
The company said in a statement that its board has recently resolved to file a notice of intention to appoint FTS Recovery as administrators.
“This difficult decision has been reached to give the company sufficient time to implement a rescue plan,” it said, adding that “key stakeholders have been notified”.
The statement continued: “A period of accelerated marketing activity will now follow, with a view to locating potential interested parties to either refinance the company’s existing debt, or alternatively locate a purchaser for the business and assets.”
Christopher Kane launched his label 16 years ago after graduating from Central Saint Martins College and before becoming a regular at London Fashion Week.
The label grew in popularity before luxury giant Kering snapped up a 51 percent majority stake in the business in 2013.
Fast forward to 2018, and the French conglomerate sold its stake back to the designer.