This week does not bring good news for German-based brand, Wunderkind. The company's founder Wolfgang Joop has just announced he has let go most of the house's staff and has cancelled its fashion show slated for Paris Fashion Week due to "restructuring".
Founded in 2003, Wunderkind reportedly has yet to break even, despite
executives saying they expected the fashion house—known for its sharp tailoring and artful sense of whimsy—to break even in 2012. The label enjoyed 30 percent sale increases in their boutiques in Berlin, Sylt and London in 2010. But sadly, it does not seem enough to save the company currently.
Wunderkind’s in-house atelier was reportedly the first to be laid off, and while the company would not say exactly say how many employees have been fired, sources say most of the 50 head staff have been let go.
In an official statement, Wunderkind said a new concept was currently being worked out between the two current shareholders, Joop and Gisela Sander. WWD reported that the company claimed future changes could include include additional licensees, the relocation of Wunderkind headquarters from Potsdam to Berlin and the inclusion of new investors.
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Article Source: WWD
Photo Source: fooyoh.com