SilkFred, an online fashion marketplace, has recently gone into administration. The company, which collaborates with 500 fashion brands such as Apricot, Goddiva, Pretty Lavish, and Lily and Lionel, officially announced its collapse in a statement released this week on Instagram.

The administration process for SilkFred began at the end of November, with the appointment of financial advisory firm Quantuma to oversee the proceedings. Quantuma has indicated that no new orders will be fulfilled, and they aim to reimburse customers whose orders have not been shipped yet.

Unfortunately, if refunds cannot be processed, obtaining reimbursement directly from SilkFred may not be feasible. Customers awaiting deliveries are advised to reach out to their credit or debit card providers for potential refund assistance.

For customers who spent over £100 but less than £30,000 using a credit card, Section 75 protection may apply. Alternatively, those who made payments via debit card might be eligible for refunds through the Chargeback scheme.

In a statement on Instagram, SilkFred expressed sadness over its administration, attributing financial challenges to the cost-of-living crisis and increased competition in the fashion industry. Despite the setback, SilkFred acknowledged its achievements in empowering women to discover fashion pieces and supporting independent designers.

Established in 2011 by Emma Watkinson, Stephen Jackson, and Kate Jackson, SilkFred received gratitude from its founders for the support received from customers, brand partners, and team members. The company credited its success to the dedication of independent brand owners and emerging designers.

Notably, SilkFred recognized its loyal customer base for contributing to the growth of small businesses and emerging designers, generating over $500 million in sales. The company expressed appreciation for the opportunities created and dreams fulfilled through its platform.