During the Princess of Wales’s three pregnancies, she favored one particular maternity-wear label: Seraphine. Kate wore Seraphine frequently during her rare events, including the polka-dotted dress she wore to reveal newborn Prince George in 2013. Kate also wore Seraphine for her first public appearance alongside then-Meghan Markle, at a panel discussion for the Royal Foundation. Well, weird news? The label is bankrupt.
A maternity-wear chain that joined the London stock market listing boom in 2021 is on the brink of collapse, putting about 100 jobs at risk. Seraphine, worn by the Princess of Wales during all her three pregnancies, has filed a notice of intent to appoint administrators from Interpath Advisory.
The brand went public in July 2021 under the ticker “BUMP” but like a succession of companies that floated during the period it struggled to meet investor expectations.
Seraphine was taken private in 2023 by Mayfair Equity Partners, the same private equity firm that had previously backed it before its float, at 30p a share, down from its 295p listing price.
The company blamed an “extraordinary convergence of challenges” for its poor performance after the listing, including a slowdown in spending on clothes during the cost of living crisis, the global supply-chain crisis and “substantial” inflation in online marketing costs.
Seraphine employs about a hundred staff and has only its first shop left, in Kensington, west London, after a recent string of closures. It had seven shops across the UK, France and the US in 2023.
Y’all know that I’m always up for pointing out that the “Kate Effect” is a myth and that Kate doesn’t actually have a Midas Touch when it comes to selling out clothes and accessories. But! I don’t think that’s what this is. I think this is a story about how private equity firms are destroying everything they touch. It’s become a real thing – “why is this business failing, oh right, it was bought by a private equity firm a few years ago.” And honestly, Kate always looked cute during her pregnancies – her little Seraphine dresses always suited her and many pregnant ladies definitely looked to Kate for inspo.
Photos courtesy of Avalon Red.
