One True Saxon’s future is in doubt following a decision by owner Pentland Brands to cease trading the young fashion brand from autumn 12.
Pentland Brands chief executive Andy Rubin told Drapers that One True Saxon, which has 80 stockists, had been put under review due to “tough” UK market conditions. He declined to comment on how the review could affect staff.
A source close to the situation said the brand was looking for alternative funding routes and expected to have a clearer idea of its future next week. This could mean spring 12 would be One True Saxon’s last collection, unless future investment is secured.
An email from the brand distributed to stockists said: “Personally we are all disappointed due to the huge improvements in product and our brand DNA we have all strived for in recent months, and that is why we are committed to reviewing all alternatives.”
Stockists said they were surprised by the announcement but hoped the brand would continue. The co-owner of one young fashion indie said he would be disappointed if it stopped trading. The brand is only in its second season at the store and is selling strongly, he said.
The owner of another indie said: “I’m pretty gutted. I’ve stocked it since day one and it’s selling well for us.”
Last year, the Pentland group, which also owns brands including Berghaus and Speedo, reported sales up 14.5% in 2010. Group turnover rose to £1.3bn, with operating profits up 38.5%to £110m over the year to December 31, 2010.