Fast fashion womenswear brand Lost Ink has been sold to one of its suppliers, Hong Kong-based manufacturer JC Fashion, Drapers can reveal.
It comes after Drapers revealed that account PwC had been appointed last month to conduct an orderly wind-down of the company’s operations. It had not entered administration.
For the past few weeks Lost Ink has been in discussions with numerous parties about the prospects of selling the rights to the Lost Ink trademark.
Clothing manufacturer JC Fashion, which has worked with Lost Ink since its launch in 2014, acquired the rights to the trademark on 1 April.
Charles Choi, founder and CEO of JC Fashion, said: “JC has taken over Lost Ink and the same creative people from before will carry on to build a successful collection.
“We will be setting up a Far East sourcing office, especially for Lost Ink in order to strengthen the base. We are also looking forward to expand the range of product types to have Lost Ink as a more unique brand.”
Karina Mitchell, Lost Ink’s co-founder and brand director, told Drapers: “Charles Choi, the founder and CEO of JC Fashion, not only brings his own production capabilities and extensive industry connections to the table [JC Fashion supplies several leading UK and European fashion retailers], but he has been working with Lost Ink since the first season. JC Fashion is also a Hong Kong listed company.”
Lost Ink was founded by Mitchell, who was formerly international buying manager for River Island, and her business partner Tilmann Roth, who previously worked at Boston Consulting Group.
Lost Ink was previously part of Global Fashion Group (GFG), which operates fashion ecommerce platforms Dafiti, LaModa, Namshi, Zalora and The Iconic.