Premium young fashion retailer and music business Fashion Rocks has sold its retail and etail subsidiaries to a private investment business amid concerns over footfall at its Westfield Stratford store.
The two-store retailer was sold to Retail Investments, a private investment company and division of restructuring specialist Hilco UK, which specialises in the turnaround of struggling retailers, on December 2. The new owners immediately injected cash into the retail and etail divisions and will carry out a strategic and operational review.
Fashion Rocks Group and its chairman Angus Morrison will now focus on the Fashion Rocks music events only. Morrison said: “Trading in the store in Meadowhall and on the web platform have been encouraging, but the store launched outside on the street at Westfield Stratford suffered due to the very low footfall.
“We felt it was better to proceed with this transaction ahead of the peak Christmas trading period to give the new owners the best opportunity for success.”
Fashion Rocks was founded as a music event designed to raise money for The Prince’s Trust.
The concept, launched in 2003, was to bring together big-name designer catwalks with live music performances – combining labels such as Giorgio Armani with celebrities including Beyoncé – in cities such as London and Rio de Janeiro.
The idea to turn Fashion Rocks into a retail franchise was first mooted in April 2009. The transactional website, www.fashionrocks.com, launched in January 2011 and the first store opened in Sheffield’s Meadowhall shopping centre in March 2012, followed by the opening of a 12,000 sq ft store at Westfield Stratford in September.
Fashion Rocks was founded by Angus Morrison and David Douglas, who founded young fashion chain USC. The business’s retail operation was led by former Cruise managing director John Heath and design director Martin Lacey. Heath will continue as head of retail for the business under its new owners.