My-Wardrobe.com acquired by Net-a-Porter Group
After selling the last of it’s remaining stock at 70 percent off earlier this week, struggling premium retailer My-Wardrobe.com has stop trading and sold off it’s domain name to online giant Net-a-Porter Group.
The website itself is no longer active and a message has been posted which reads: “We are sorry to inform you that My-Wardrobe.com is no longer trading. We thank you for your loyal custom and we are pleased to introduce you to the Net-a-Porter Group – the destination for luxury fashion and style online.”
My-Wardrobe.com: Welcome to the Net-a-Porter Group
My-Wardrobe.com will honour all sales and orders places as well as returns following its return policy. It is understood that My-Wardrobe.com brick-and-mortar store in Whiteley’s shopping center in Bayswater, London continue to trade until the end of next month. The store first opened this June, and offered customers the chance to try on products before placing an order for either in store or at home delivery.
The premium sales retailer had been struggling for quite sometime prior to the announcement of the takeover. In September, the retailer revealed its decision to pause it’s business “to review all strategic options,” but declinced to comment on what these options may be. My-Wardrobe.com also cancelled all orders for Spring ’15.
Last month the online retailer began discounting all it’s current season stock by 40 percent and then increase the discount to 50 percent before selling it’s remaining items with a 70 percent discount. Over the past few months My-Wardrobe.com has also experience a series of high-profile director departures, including the exit of it’s co-founder Andrew Curran, fashion director Carmen Borgonovo, trading director Joanna Stephenson and chief executive David Worby.
My-Wardrobe.com was first launched in 2006 by Andrew Curran and his former spouse Sarah Curran. The premium online retailer did well in its early years and went on to become one of the fastest growing e-commerce businesses in the UK. However the husband and wife team went on to divorce in 2011, and in 2013 both founders left the company.
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MySale co-founder and chief executive Carl Jackson shared his intentions to purchase up to 3 million pounds worth of shares, leading to a jump in shares from the fashion etailer on Wednesday, after a profit warning hit its majority shareholders earlier this week.
Close to 140 million pounds was cut off the online retailer’s brand value after MySale issued a profit warning which said pre-tax profits would be “materially below marketing expectations,” due to challenging trading conditions in its home markets.
Share prices dropped over 60 percent, which left shareholders including Sir Philip Green from Arcadia Group and Mike Ashley will multimillion pound paper losses. Green’s Shelton Capital Fund, which is controlled by his Monaco-based wife Tina, held a 22.5 percent stake in MySale, which saw 30 million pounds scrapped of its value.
However Jackson, who currently holds a 34.8 percent stake together with his brother James, is now considering the purchase of company shares equal to nearly 3 percent. MySale, which offers online flash sales on various brands, debut on the junior stock market plunged on listing after a misplaced decimal point listed the shares in pounds rather than pence. News of Jackson’s insterest to buy shares lead to share prices creeping back up 3.5 p to 69.5 p on Wednesday.
But in order to aquire the shares, Jackson first needs the support of shareholders holding a 50 percent stake or more under City rules to avoid having to make a full bid for it. Green shared his support of Jackson’s intent to purchase the share: “If people stand up and are willing to go into the market and buy shares I think that’s a good signal,” he said to the Guardian.
“We still have confidence in them. Nothing has changed. Dozens of companies have a misstep before going forward.”