Tamara Mellon Emerges from Chapter 11 Bankruptcy
Tamara Mellon has put her Brand (TMB) back on the fashion landscape after emerging from a 60-day period of Chapter 11 bankruptcy protection.
A US court in Delaware approved plans to restructure her Tamara Mellon Brand, which include a $10m investment from venture capital firm New Enterprise Associates and $2m from Mellon herself.
David Ross, co-founder of Carphone Warehouse, Icap boss Michael Spencer and former Tory trade minister Lord Marland, were among a group of investors who objected to Mellon’s plans to take control of her new fashion venture under American bankruptcy protection laws and accused her of ‘mismanagement and abuse’ of the Tamara Mellon Brand. However, the court ruled in Mellon’s favour however, with an American judge praising her ‘spirit and sacrifice’ in attempting to keep her business afloat.
According to WWD, the Co-founder of Jimmy Choo has secured new investors, which she said ‘allows us to transition our business model to focus on direct sales to customers via online platforms and company-operated stores. We look forward to implementing this revitalized approach, shortening the design and manufacturing process, and further enhancing our mission to provide customers with the fashion they want to wear, now.’
The designer and businesswoman plans to start a new e-commerce business focused on shoes and handbags.
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