Ralph & Russo is safe. US retail investment firm Ecommerce Ventures (REV) acquired the British firm’s brand and assets 3 months after it entered receivership. The value of the operation is not known. The two founders of the brand, Tamara Ralph and Michael Russo, are not expected to have roles in the future business organisation.
Ralph & Russo is safe
Retail Ecommerce Ventures (REV) is a financial vehicle created by Tai Lopez and Alex Mehr. Ralph & Russo, founded in 2010, was valued at around 175m pounds in 2019. Then, however, it entered a phase of constant decline, that culminated in the fatal financial crisis triggered by the pandemic that canceled gala events and ceremonies, a sector in which the brand specialises. In fact, Ralph & Russo is known for designing the Duchess of Sussex, Meghan Markle, engagement dress (value: 56,000 pounds). And not only that: among the customers there are also Beyonce, Angelina Jolie and Gwyneth Paltrow. According to Sky News, its customers’ average spend is around 50,000 pounds.
The acquisition is awaiting official communication. Business of Fashion, however, writes that it has been confirmed by a Quantuma Advisory representative. In other words, the consultancy company that, with Begbies Traynor, took on the role of manager of the brand since its entry into receivership.