London concept store LN-CC has been bought by an Italian ecommerce specialist after falling into administration last week.
The Level Group, which is a Milan-based online service provider, has now reformed the LN-CC business as a new legal entity. Founder John Skelton will stay on as the creative director and the retailer’s core proposition will remain the same, according to reports.
This moves follows reports from Drapers last September that the Dalston retailer was awaiting a £4m investment and was unable to pay a number of its stockists while it waited for the next tranche of funding from an unnamed investor
Skelton told The Business of Fashion: “We had explosive growth from the first year, really over the last three years. But with double-digit growth, it kind of got to a point where cash flow was becoming so tight that it was becoming impossible to get the product in on time,”
He added: “We started this whole thing as a group of younger fashion-forward individuals that wanted to do something different and, unfortunately, we didn’t have the same kind of backbone and support for financial structuring, logistics, fulfilment… we’ve never really nailed the actual business side of our offer.”