When Canadian sports-luxe company Kit and Ace launched its luxury blended cashmere basics in 2014, it generated major hype. Suddenly, everyone was talking about ‘technical cashmere’ – a high-performance upgrade on cosy essentials that you could actually throw in the washing machine.
The brand’s credentials were impressive: Kit and Ace was built by J.J Wilson, the son of none other than Lululemon founder Chip Wilson. But now the brand has come to an untimely end, with the news that it’s closing all of its Australian, UK and US stores.
The news will see 65 Australians lose their jobs, The Australian reports, across Kit and Ace’s seven stores in the country.
“The stores will close immediately as they are not viable,” Richard Hughes from Deloitte Restructuring Services, which has been appointed voluntary administrator, told The Australian. “Our expectation is that all affected employees will receive outstanding wages and relevant entitlements in coming days.”
Australian staff were left bitterly shocked by the news this morning, which they found out via Kit and Ace’s Instagram and Facebook accounts.
“Many woke up today, went to work just to find the doors were locked with a sign letting them know they were basically fired immediately,” reads one of the comments from an employee on Kit and Ace’s Facebook page.
Kit and Ace’s closure is the latest in a depressing line of Australian fashion labels shutting up shop this year – Marcs, David Lawrence and Herringbone have all gone into voluntary administration in the past few months.
Kit and Ace will retain its Canadian stores and online presence.