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Kenza Zouiten Subosic’s clothing investment, Ivyrevel, has been heavily involved lately. This Christmas, here at Breakit we reveal that the company’s investment in making a computer dress alongside tech giant Google has been frozen. Shortly after that, in mid-February, we could say that fashion giants H&M and Zalando had sold their entire stake in the company.
But it was a completely different time before the crown pandemic struck and paralyzed the world.
Aftonbladet now reveals that Ivyrevel has applied for and been granted a restructuring of the Stockholm District Court (for more information on how the reconstruction works, read here). Already last Friday, salary payments to employees were suspended.
Was seriously affected by the pandemic
“Like the rest of the fashion industry, the prevailing crown pandemic has hit us hard,” writes Kenza Zouiten Subosic in a text message to Aftonbladet.
“Because of this, the only way to move forward is to rebuild Ivy Revel.”
She also writes that they still believe in the company in the future.
The founders hadn’t wanted to talk about what Ivyrevel really is like, but the latest figures have raised questions about whether the wind has changed for the dazzling fashion company. In 2018, sales fell from SEK 45 to SEK 43 million, while losses increased to less SEK 7.5 million.
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