The Vampire’s Wife brand avoids liquidation after tax settlement

Occasionwear label The Vampire’s Wife appears to have dodged the threat of closure with a settlement of its debt to UK tax authority HMRC, having raised money from existing investors after a winding up petition was issued last month. It had been due in court over the issue on 12 July.

The label has been financed by American record label exec Jimmy Iovine and his wife — the supermodel-turned-entrepreneur Liberty Ross — since 2020 and the couple are also financing the debt settlement. 

They became majority owners in July 2020 at a time when the first pandemic lockdown may have ended but the label had clearly been dented badly by the previous few months of stay-at-home orders. Its debt had grown in the months when few people were buying dressy clothes. Further lockdowns will have exacerbated the problem.

The company said the money it owed to HMRC was a direct “consequence of lockdown strategies to tackle the pandemic”. It had earlier requested further time to pay off the debt.

There’s clearly now a path forward for the business that has said its sales have bounced back post-lockdowns. After its loss of £2.1 million in 2021, it was profitable in 2022, although no specific figure has been given. And a combination of DTC and wholesale turnover should see 2023 revenue of almost £7 million, the company has said.

The brand was founded by model Susie Cave in 2015. It became a niche hit with its particular brand of exuberant occasionwear selling for £1,000+ on luxury sites such as Net-A-Porter, Browns and Matches, as well as its own webstore. It’s also sold in luxe departments stores Harrods and Selfridges.