Lingerie brand Ultimo, founded by Michelle Mone, now known as Baroness Mone of Mayfair, has decided to shut its UK business from April 15, 2018.
However, its operations will continue in South Asia. The decision to shut operations in the UK was taken after an extensive review of the market there and the current gloomy situation propped the brand to take a strong step.
“The tough decision was taken with regret after we observed the company’s performance over the last three years as well as future prospects,” a spokesperson of the company was quoted as saying.
A controlling stake in the brand was acquired by Sri Lanka-based MAS Holdings in 2014. The brand became popular after Hollywood actress Julia Roberts reportedly wore an Ultimo bra in Erin Brockovich.
The competitive market situation and more cautious consumer spending collectively made a tough time for the retailer in the recent years in the UK.
After meeting all the commitments to suppliers, partners and customers, it will finally wind up its operations in June this year. House of Fraser, Debenhams, Next, Asos, Bravissimo and Amazon were among other stores where Ultimo products were available for sale.
11 employees deployed at the Ultimo headquarters in East Kilbride have been informed about the same. A formal redundancy consultation is now underway.
