Independent menswear retailer The Content Store has gone into administration, Drapers can reveal.
The Content Store’s owner, Pan Philippou, who was previously CEO of Diesel and Ben Sherman, appointed Elizabeth Arakapiotis of insolvency practitioner Kallis & Company as administrator earlier this week after a period of tough trading.
The administrator told Drapers the company has been experiencing ”strong retail headwinds” as a result of factors including low consumer confidence, discounting by competitors and an increase in business rates.
She added that 70% of the firm’s stock was purchased abroad and the fall in the value of sterling since the European Union referendum had reduced margins.
The Content Store has two shops in London, at Exmouth Market and on Lamb’s Conduit Street. It stocks brands including Edwin, Nike and YMC. Both stores are running stock clearance Sales this month and the administrator plans to sell both sites.
All suppliers can contact the administrator on 020 8492 6027.
Mark Batista, co-founder of London menswear trade show Jacket Required, opened The Content Store in 2013. Philippou joined the business a year later as a sleeping partner before taking control of the company in March 2016.
Batista took to Instagram to express his disappointment over the collapse of the business. Posting on the social media site he said: “Seeing this fills me with a deep sadness. Just goes to show, it isn’t who you know, it’s what you know. People responsible for this should be ashamed of themselves.”
Drapers has contacted Philippou for comment.