London fashion designer Luella Bartley has become the latest victim of the GFC, with her design company forced to close after they lost financial backing from their main investor, Club 21.
Singapore-based Club 21, which also distributes Giorgio Armani, “reluctantly" decided to withdraw its backing after the closure of Luella's Italian production company, Carla Carini, meant that orders for the spring/summer 2010 collection could not be fulfilled. So, as The Independent reports, Luella “is a victim of knock-on effects of the credit crunch, rather than guilty of mismanagement or lack of vision.”
But this doesn’t have to be the end for the Luella brand. As we have seen with Escada, who were rescued by the Mittals earlier this week (see the MO Down for 9 November), there are white knights out there waiting to save designers in distress…