Ralph & Russo appoints an administrator to overcome its dire financial situation

The Covid-19 pandemic has hit the fashion industry hard in many ways. With a contraction in consumption and a rethinking of how the industry should continue to grow, there are firms that have been especially accused of the economic crisis derived from Covid-19, including the British Ralph & Russian.

The firm founded by Tamara Ralph and Michael Russo has announced the serious economic situation it is going through through a statement on its social networks. "It is with great sadness that, after 11 years, Ralph & Russo has appointed a trustee. This difficult decision was made to help ensure the continued success of the company and to restructure the business after the global retail economy was seriously affected by the Covid 19 pandemic.

"We are incredibly proud of our unique position in the market as one of the world's most exclusive luxury brands, achieved through hard work, determination and love for what we do. It is our intention that the business continue to operate during this time, and we remain fully committed to supporting our incredibly loyal clientele and wonderful staff, without whom none of this would have been possible. With your support, we remain full of hope and optimism for the future", sign the founders of Ralph & Russian.

Founded in 2007, Ralph & Russo was the first British fashion label to be designated Haute Couture in nearly a century by the Chambre Syndicale de la Haute Couture, the governing body for French fashion. The group employs more than 300 people and has stores in the main fashion capitals. In 2019, Lars Windhorst, the German financier who owns the lingerie firm La Perla, acquired a minority stake through his investment company Tennor Holding.

During these 14 years of existence Ralph & Russo has had the endorsement of celebrities. The iconic dress with transparencies, embroidery and ruffles by Ralph & Russo that Meghan Markle wore for the photos of her engagement with Prince Harry in 2017. A long list of loyal clients that also includes Penélope Cruz, Angelina Jolie and Jennifer Lopez.