Christopher and Tammy Kane have rescued their eponymous brand after it fell into administration in an attempt to avoid liquidation.
The duo, which founded the company back in 2006, are also believed to have paid back the secured creditors in full, according to administrator FTS Recovery.
The firm confirmed in a statement to WWD that the siblings had acquired Christopher Kane and its accessory and swimwear subsidiary More Joy, rescuing both the label’s from a formal sales process launched last month.
FTS told the media outlet that it was able to secure a sale “to the original brand founders of all trade names, trademarks and other intellectual property”.
The director of the firm, Marco Piacquadio, added: “The sale of assets has managed to ensure repayment in full of the secured creditor, and we anticipate that a distribution will also be made available to the preferential creditors.”
Under a separate filing on the UK’s Companies House, the company’s name has also been changed from Christopher Kane Ltd. to K Realisations 2023.
UK-based companies continue to struggle in turbulent economic climate
In June, speculation surrounding the label potentially shuttering ran rampant through media after the company said that its board had resolved to file a notice of intention to appoint FTS as administrators.
In a statement at the time, it was understood that the brand was to locate potential interested parties to either refinance the company’s existing debt, or locate a purchaser for the business.
Christopher Kane first launched his label 16 years ago after graduating from Central Saint Martins, and quickly became a London Fashion Week regular.
In 2013, Kering snapped up a 51 percent stake in the label amid its surge in popularity, only to then sell its stake back to the designer in 2018.
It joins a slew of UK-based fashion brands struggling to maintain their ground in the current turbulent economic climate in the region.
Earlier this month, The Vampire’s Wife was forced to seek out fresh funding from existing investors to repay debts owed to the UK Revenue and Customs.
Meanwhile, lingerie brand La Perla was faced with a number of winding-up petitions, the majority of which it has said have been paid off.
In addition, it was revealed on Monday that the brand of Welsh designer Julien Macdonald had fallen into liquidation after losing “a significant proportion of revenue”.