From Royal Fashion to Financial Struggles: The Downfall of Seraphine

Serpahine, which gained worldwide fame by dressing pregnant high society women such as the Princess of Wales, is now facing bankruptcy, according to the Financial Times. In the hands of a private fund, the company has failed to attract the interest of investors.

At the beginning of the month, the British company hired advisors from the global advisory firm focused on financial restructuring Interpath, with the aim of finding new investors to save it from bankruptcy. The process, according to the economic media, is said to have failed. No investor would have bet on taking over the entire business.

In September last year, Seraphine renewed its top management to try to withstand the blow. It announced the signing of Jonathon Brown, former CEO of Joules, and Mary Homer, former CEO of The White Company, to lead its general management. David Williams jumped ship by stepping down as CEO months earlier in April.

Seraphine revamped its top management to try to redirect its course, with a CEO who resigned months earlier.

Seraphine took its first steps in 2002 under the leadership of Cécile Reinaud, a specialist in maternity wear. In 2021, the company was taken over by the Mayfair Equity Partners fund in a deal valued at fifty million pounds (just over 58 million euros). The company was listed on the London Stock Exchange in July of the same year.

In January 2023, the Mayfair Equity Partner fund reached an agreement with the maternity fashion company to take 100% of the company, which led to its delisting. The buyback of the business was worth £15.3 million (17.76 million euros). The company argued that the deal would allow it to save the costs associated with being listed, so that it could focus on “returning to profitable growth”.

According to the latest published data, Seraphine’s fall dates back to 2023, when the company already forecast a fall in turnover of 8.6% to £19 million in the first quarter.