A number of Arab bidders are said to be circling the purchase of Ralph & Russo, the luxury British dressmaker which fell into administration in March as sales slump amid the pandemic.
The Ralph & Russo brand achieved global fame when Meghan Markle (pictured below) wore a £56,000 sheer long-sleeved gown in 2017 to mark her engagement to Prince Harry.
Arabian Business has learned that final stage bidding for the fashion label is taking place between a handful of UAE and Qatari buyers.
“Ralph & Russo has a stellar global client list and it designs bespoke couture dresses for all of the main Middle Eastern Royal families and ultra-high-net-worth individuals – so it is not surprising that much of the lead interest in acquiring the company is coming from the Middle East,” said a source close to the matter, adding that the deadline for making an offer on the fashion house was April 14.
The buyout deal, which is likely to be announced in the next 24 hours, will almost certainly be clinched by an Arab buyer, said the source.
Ralph & Russo has two boutiques in the Middle East – in Dubai, UAE and Doha, Qatar.
The fashion house was founded in 2010 by designer Tamara Ralph and Michael Russo and built up a client list of billionaires and celebrities, including actress Angelina Jolie and singer Beyonce.
Candy Ventures Sarl holding company – founded by British entrepreneur Nick Candy – is its main secured creditor and is owed about £20 million, according to documents filed with the UK’s Companies House.
Candy (pictured below) is currently listing his flagship penthouse in London’s One Hyde Park residential development for £175 million and has received global interest, including a number of Middle Eastern investors.
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