Seraphine collapsed from a £50M valuation to a £600K fire sale — 95 staff lost jobs

Seraphine, a British maternity and post-natal fashion brand founded in 2002 by Cécile Reinaud, collapsed into administration on July 7, 2025. The brand — known for being worn by the Princess of Wales during her three pregnancies — had been acquired by private equity firm Mayfair Equity Partners for £50 million in 2021 and listed on the London Stock Exchange the same year, only to be taken private again in 2023 for £15.3 million after a sharp decline.

The company's financial troubles had been building since 2023. Forecast turnover dropped 8.6% to £19 million in Q1 2023, and a management overhaul with new leadership failed to reverse the decline. By July 2025, Seraphine had ceased trading and failed to secure new investment. Joint administrators Will Wright and Chris Pole of Interpath Advisory were appointed, and the majority of its 95 employees were made redundant.

In August 2025, Next plc acquired Seraphine's brand and intellectual property out of administration for £600,000 ($796,632). The sale price was a fraction of the £50 million valuation the company had commanded just four years earlier. Founder Cécile Reinaud joined Next as a consultant for the relaunch. The acquisition raised Next's full-year profit guidance, with the group reporting 10.5% sales growth.