Siblings Christopher and Tammy Kane saved their eponymous brand after the company filed for bankruptcy to avoid impending default.
According to the insolvency administrator FTS Recovery, the duo, who founded the company in 2006, are said to have paid out the secured creditors in full.
The company confirmed in a statement to industry magazine WWD that the siblings have taken over the Christopher Kane brand and associated accessories and swimwear label More Joy, saving both labels from the formal sale process launched last month.
FTS told the industry magazine that it was able to secure a sale of “all trade names, trademarks and other intellectual property rights to the original brand founders”.
“The sale of assets has ensured full repayment to the secured creditors and we expect that the beneficiary creditors will also receive a payout,” added Marco Piacquadio, Managing Director of the firm.
A separate registration with UK Companies House also changed the company’s name from Christopher Kane Ltd. changed to K Realizations 2023.
UK based companies continue to struggle with the turbulent economic climate
In June, there was media speculation about a possible closure of the label after the company announced that its board had decided to appoint FTS as administrators.
A statement at the time said the brand should scout potential buyers to either refinance the company’s existing debt or find buyers for the business.
After studying at the renowned Central Saint Martins College, Christopher Kane founded his first label 16 years ago and quickly became an integral part of London Fashion Week.
In 2013, Kering acquired 51 percent of the label’s shares as it experienced a surge in popularity. In 2018, the company sold its shares back to the designer.
It joins a long list of UK-based fashion brands struggling to survive in the current turbulent economic climate in the region.
This translated post originally appeared on FashionUnited.uk