Luxury accessories brand Lulu Guinness has been rescued from administration by a group of its existing investors and its founder. The business had expected new funding shortly before the Covid-19 crisis unfolded but this had fallen through.
50 per cent of its staff had already been made redundant and two outlet stores closed by CEO Sandra Mertens-Lustig prior to the pre-pack sale of the assets.
Mertens-Lustig commented that there would be an expansion in small leather goods and gifts as well as focus on the Asian market going forward.
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