Fast fashion womenswear brand Lost Ink has begun an “orderly wind-down” of the whole business, Drapers can reveal.
Karina Mitchell, its co-founder and brand director, confirmed that the brand will close this year after it was unable to find an investor.
Accountancy firm PricewaterhouseCoopers (PwC) is conducting the orderly wind-down of the company’s operations. It has not entered administration.
A source close to the situation had been told that it will close within the next few months.
The brand cited a “challenging retail environment” for the reason for closure.
It comes after the brand announced that it was eyeing further expansion through a transactional website, growth in the US and China, and concessions. In August, the brand was seeking investment to support the development of a new website.
It is currently only available to buy online through third parties, such as Asos.
Lost Ink was founded in 2014 by Mitchell, who was formerly international buying manager for River Island, and her business partner Tilmann Roth, who previously worked at Boston Consulting Group.
It is part of Global Fashion Group (GFG), which operates fashion ecommerce platforms Dafiti, LaModa, Namshi, Zalora and The Iconic. GFG’s shareholders, Kinnevik and Rocket Internet, are also major shareholders in Zalando.
Based in Farringdon, London, Lost Ink has a team of around 60 people, who have previously worked at retailers and brands such as River Island, Marks & Spencer, New Look, Asos, Arcadia and French Connection.
Lost Ink launched on Amazon in July and is also stocked by Asos, Shop Direct and Next in the UK. It is also stocked internationally and on the GFG platforms.
PwC has been contacted for comment.