Breaking news: Biba goes into administration
Cult '60s label Biba has fallen into administration, just two years after being revived.
According to reports, its licensee, Michael Pearce, who resurrected the fashion house in 2006, has appointed business advisers Grant Thornton as administrators.
While the reasons behind the move are still unclear, sources speculate that the brand started off on shaky ground once publicity of its return died down.
Other sources have revealed that the brand owners, Hachel International Foundation, were determined to keep the label afloat by seeking a new licensing deal with Pearce as a third party. There are also rumours that several outside parties have approached Grant Thomas in regards to saving the iconic label.
"Biba means nothing to the youngsters of today and trying to recreate something is very difficult," one industry member told Drapers today.
Is it too late to bring Bella Freud back?!?!
[Source / Image: Catwalking.com]