Two London-based designers, Lucas Nascimento and Ostwald Helgason, have filed for liquidation within weeks of each other.
Both designers were rapidly emerging names showing at London and New York fashion weeks and sought by premium fashion boutiques worldwide. One source close to the situation said that both designers, like many young British labels, suffered from production and late delivery issues.
London-based Ostwald Helgason, founded by Susanne Ostwald and Ingvar Helgason in 2008, appointed Kirstie Provan and Gary Shankland of insolvency specialist Begbies Traynor as joint administrators this month. Its website is currently down, with the line: “We’ll be back soon!”. The label offered clean-lined, modern silhouettes with bold colours and patterns and was stocked in Net-a-Porter’s The Outnet and London-based premium retailer Browns, recently bought by Farfetch.
The liquidation comes after the label withdrew from London Fashion Week in February “in order to focus efforts on the development of the brand and its core collection,” according to website Fashionista. A spokesperson for the brand told Fashionista at the time that the “designers look forward to presenting their future collections in the forthcoming seasons”.
Brazilian Lucas Nascimento went into voluntary liquidation last month, appointing Paul Cooper and Paul Appleton of insolvency practice David Rubin & Partners as joint administrators. Nascimento graduated from the London College of Fashion in 2008 and made his London Fashion Week debut three years later. Lucas Nascimento, awarded Newgen sponsorship by the British Fashion Council for the fourth consecutive season in spring 14, was sold in independents Dover Street Market, Matches and Celestine Eleven. A source close to the situation said Nascimento had left a small amount of debt.
UK and international sales of both Lucas Nascimento and Ostwald Helgason were handled by London-based multi-label showroom RainbowWave, which represents designers such as Peter Pilotto, Bella Freud and Rachel Comey.
RainbowWave founder and director Maria Lemos said: “RainbowWave has embraced several young designers and supported throughout the early stages of development. It is unfortunate that in a rostrum of several designers who are now internationally acclaimed, Oswald Helgasson and Lucas Nascimento, both very talented designers, were unable to overcome the initial problems of a young business.”
Both Lucas Nascimento and Ostwald Helgason could not be reached for comment as Drapers went to press.