Auditors have warned over the financial health of one of the Duchess of Cambridge’s favourite fashion brands.
Losses at Temperley London, the luxury womenswear label founded by designer Alice Temperley, more than doubled to £3.5m during 2018, latest accounts revealed, compared with a loss of £1.7m a year earlier.
Despite having raised £1.9m in funding during 2019, after the reported period, the firm’s auditor RSM warned a “material uncertainty exists that may cast significant doubt on the company’s ability to continue as a going concern”.
2020欧洲杯体育足彩外围appRSM flagged that the brand’s net liabilities totalled £4.6m in 2018, compared with £1.2m in 2017.
Alice Temperley founded the fashion brand in 2000, after graduating from the Royal College of Art. Her long flowing dresses, which sell for up to £3,500 online, have attracted a string of celebrity clients including the Duchess of Cambridge, Emma Watson and Keira Knightley.
2020欧洲杯体育足彩外围appBut despite numerous equity raises the company has continued to be loss-making.
It has struggled to grow sales, half of which are generated overseas: revenues in 2018 fell 15pc to £9.7m.
2020欧洲杯体育足彩外围appSince 2015 Temperley has lost four chief executives and last May it appointed ex-Max Mara executive Luca Donnini to head the business. As part of a turnaround strategy, he switched the focus to daywear and took back control of its Dubai store from its franchise partner.
Mr Donnini said: “We are looking with confidence to approach a break-even point in 2020 and profitability in 2021, as we improve execution, product lines, supply chain and commercial results.”