My-Wardrobe.com – the site which regularly makes me cry with poverty – quietly entered administration last week. It was bought by Growth Capital Acquisitions on Monday, and will now ‘refocus on the UK market’ and set lower prices.
This is hardly surprising. The luxury fashion E-commerce market has gradually been filled to the brim with the likes of Far Fetch, Matches, Net-A-Porter and My Theresa (one of the worst names for a company ever) and it shouldn’t take a genius to realise that supply is vastly outstripping demand. It’s difficult to see how far a lower price point will get them – God knows there’s a huge vacuum in fashion between £150 and £500. But it’s strangely comforting to know that even the expensive and untouchable can collapse.
We can only hope that Jack Wills will be next.