Hard Times For Hardy Amies
One of Britain's esteemed Savile Row clothing firms Hardy Amies may become a victim of changing styles and changing finances. As my colleague Jared Paul Stern reported earlier this year, British couturier Hardy Amies, whose Savile Row shop opened back in 1946, designed clothes for everyone from Stanley Kubrick to the Queen of England. Sir Hardy Amies died in 2003 (at the robust age of 93) but since then his company has carried on and recently launched a handbag line. But The Guardian delivers the sad news that the firms is now struggling and has said that t it may have to go into administration after failing to secure funding from a major shareholder. When the funding didn't come through the company requested that the stock exchange suspend the shares until the company can regroup. Icelandic investment firm Arev Brands Limited (ABL) owns a 49.3% stake and has provided substantial loans to prop up the company but has refused to give additional funding. The company has has losses for several years. Some say that the brand is done, that it is too matronly and does not understand today's woman. A ready-to-wear line also failed to capture public attention.
It seems that unless the brand is sold to someone who will buy the business as a whole or additional funding is secured, we may witness an ignominious end to a great British brand.
