Ralph & Russo rescue in doubt as Tamara Ralph leaves
The rescue plan for Ralph & Russo, the upscale eveningwear brand that’s in administration, is now in doubt after co-founder Tamara Ralph’s exit.
Her departure followed news from its administrators that a suitor had dropped out of the running at a very late stage. It seems there had been five bidders with firm offers and the one that dropped out was seen as the strongest prospect.
It exited only two days before a deal was expected to be struck with Ralph departing the next day. A Companies House filing also said she was in dispute with fellow co-founder Michael Russo.
That happened in early May but the news has only just emerged.
The company had gone under in March with debts approaching £28 million after a year in which the weddings, red carpet events and upscale social occasions on which it relies were cancelled due to lockdowns.
The label’s dresses sell for five-figure sums and are favourites with a number of celebrities. It got a huge global boost following Meghan Markle wearing Ralph & Russo to announce her engagement.
But it’s unclear what the prospects are now give that Ralph & Russo without Ralph is a much less desirable commodity.
Documents filed at Companies House have suggested the remaining assets could be sold off and one report quoted an insider saying talks with other potential buyers of these assets could conclude this week.
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