Fashion Brand Favored by Kate Middleton Is Likely First 2026 Collapse

High street fashion chain LK Bennett on Tuesday petitioned a U.K. court for the appointment of an administrator.

A favorite of Kate Middleton, the Princess of Wales, and former U.K. Prime Minister Theresa May, the application if granted would be the second time the chain has gone into administration in six years. The company reportedly has been working with consulting firm Alvarez & Marsal to find a buyer. A decision over the next few days granting the petition would make LK Bennett the first retail casualty of 2026. About 275 jobs are at risk, and nine U.K. shops could close.

The chain’s first brush with administration, the U.K. equivalent of a bankruptcy in the U.S., occurred in 2019 after it failed to find an investor. The accounting firm EY was named administrator at the time.

While the high-end chain was initially known for its women’s work shoes and classic pumps, its footwear range later expanded to include boots and sandals. And its overall assortment mix also includes apparel and bags. It was bought out of administration by Byland U.K., which was formed by Rebecca Feng, who operated the chain’s franchises in China. Feng was able to beat out competing buyers that included Mike Ashley of Frasers Group, Marks & Spencer and Next. Under Byland’s ownership, the chain experienced a revitalization under chief executive officer Darren Topp, who in 2023 oversaw the brand’s expansion into the U.S. market via its digital-first strategy.

The footwear brand was founded by Linda Bennett in 1990 in Wimbledon, southwest London. She designed the shoes in 2005 that the now Queen Camilla wore when she wed King Charles, who was at the time the Prince of Wales. Bennett retained a 30 percent stake in her company but sold a majority stake to private equity firm Phoenix Equity Partners and Sirius Equity in 2008 for a reported 80 million to 100 million pounds. In 2017, she bought back her company, only to see it fall into administration amid a difficult retail backdrop.

This time around, U.K. retailers are facing an equally difficult retail environment that includes high business rate taxes and a consumer spending backdrop that’s dogged by ongoing inflationary pressures.

Helen Dickinson, CEO of the British Retail Consortium, said in a statement on Dec. 18 that consumer confidence remains “gloomy” as expectations for retail spending continued to slide for the third consecutive month. She added that “challenges remain in the year ahead.”