It seems the norm these days that whenever there is news of the Great British High Street it is inevitably bad. The economic downturn and the need to save or look for cheaper alternatives has seen a great deal of once great stores going in to administration.
Some brands are flourishing whilst others barely struggling to survive on the high streets of Britian, most luxury brands have managed to stay afloat but with Nicole Farhi filing for administration is this a sign of things to come for luxury brands?
Nicole Farhi has been around for just under 20 years and has six stores and nine concessions in high end department store such as Harvey Nichols and Selfridges, so how did they loose their consumers?
When you see that George and Galen Weston owners of Primark are the highest earners in the retail industry it seems that many consumers are now perferring to save and buy from discount stores such as Primark intead of splurging on luxury items from brands such as Farhi. The influx of designer copy cats finding their ways on to the shelves of Zara and Topshop have significantly helped these high street brands but has had the opposite effect on the initial designers. If this method means the death of the label who created the designs, where will the high street find its inspirtation then?
However with the news of a huge Dior store opening on Conduit Street and two new Chanel stores opened in recent weeks, the internationally renowned luxury brands seem to be coping.
It has just been announced that Nicole Farhi has been saved from administration by Maxine Hargreaves-Adams (the daughter of the Matalan owner), who has bought out the brand and saved around 140 jobs.
It was a lucky escape for Nicole Farhi, it would of been sad to loose a classic and loved British brand as there doesn't seem to be many left. However is this a sign to come? Will more luxury labels soon have to leave our Great British High Street thanks to high street chains such as Primark? Hopefully luxury brands can pull through this difficult time and young designers looking to break out in to the industry will not loose hope at this recent news. Only time will tell. Businesswoman Maxine Hargreaves-Adams has saved British label Nicole Farhi