Luxe Collective shuts down after devastating break-in and stress toll on founders
'After a year-long fight after we were broken into last year, in which both me and my brother were doing all we could just to get us through to the next day, we are no longer able to continue.
'The last year has been the most painful in my life and to be honest, whilst I'm talking to you now, I'm overwhelmed with relief – I've never been so mentally and physically drained, stress and anxious.'
He also said the break-in 'ultimately affected my leadership and strategic decision-making'. He explained that the break-in wasn't the only reason for the closure but it was linked because the stress meant he made choices that weren't 'the right ones'. He didn't specify those choices but added that 'I take 100% accountability for this – it's on me'.
The business had been set up in 2018 by the Merseyside-based brothers Ben and Joe Gallagher with business partner Oliver Millar also coming on board. They started buying items from eBay and Depop and built up a thriving resale business with a reputation for quality and authenticity. It received the £100k investment for a 3% stake in the firm on the BBC TV show Dragons' Den.
Despite the company having shared CCTV video of the robbery, the case was eventually closed with nobody being apprehended.
While the company last autumn received an insurance payment to cover the value of the stock and was therefore able to pay out anyone who was selling their secondhand fashion through the platform on consignment, it wasn't the end of the problems.
We've already mentioned the stress it brought with it. But just like any second-hand or antiques business, a huge issue is finding the stock to sell and Ben Gallagher had issued a social media appeal asking if anyone has 'anything to sell or might know someone who might have something to sell, go on our website, fill out a form and sell your items to us'.
All employees have now been made redundant with Gallagher saying the thieves 'haven't just ruined the company… They've ruined the livelihoods of not just me and my brother, but all the amazing staff that we have had to make redundant and who've lost their jobs in the process.'
But in a TikTok video, he also listed the firm's achievements, including creating business that 'was recognised all over the world and got the whole industry talking about us'. And he said the firm generated £30 million+ in revenue from a standing start with zero investment, also achieving over three million social media followers and a billion views.
And in a touching moment he said it also strengthened his relationship with his brother.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Euronews
7 hours ago
- Euronews
'Invest in defence now or start learning Russian later'
The US administration has appointed Lt. Gen. Alexus G. Grynkewich as both the next top US general in Europe as well as the SACEUR. The appointment by Trump will be especially welcomed following media reports in recent months that the US was considering relinquishing the role of SACUER which has always been appointed by a US president to NATO. "It's a very important decision and there is relief from NATO's point of view as it's a positive sign of American engagement and staffing," a US-based source familiar with the issue told Euronews. US Army General Dwight D. Eisenhower was NATO's first SACEUR in 1951, and the role has remained with the US ever since. 'Upon completion of national confirmation processes, Grynkewich will take up his appointment as the successor to General Christopher G. Cavoli, United States Army, at a change of command ceremony at the Supreme Headquarters Allied Powers Europe in Mons, Belgium, expected in the summer of 2025,' a statement from NATO read. New targets in defence spending adopted Meanwhile, NATO defence ministers agreed to a significant surge in defence capability targets for each country, as well as moving to spending 5% of GDP on defence. They've agreed that 3.5% of GDP would be used for 'core defence spending' - such as heavy weapons, tanks, air defence. Meanwhile 1.5% of GDP per year will be spent on defence- and security-related areas such as infrastructure, surveillance, and cyber. However, the full list of flexibility has not yet been negotiated. 'These targets describe exactly what capabilities Allies need to invest in over the coming years,' NATO Secretary General Mark Rutte told journalists. The US has been pushing NATO allies to dramatically increase spending, and expects to see 'credible progress' immediately, according to US Ambassador to NATO Mathew Whitaker. 'The threats facing NATO are growing and our adversaries are certainly not waiting for us to re-arm or be ready for them to make the first move," 'We would prefer our Allies move out urgently on reaching the 5%,' he told journalists in a briefing on the margins of the meetings. Ambassador Whitaker also said the US is 'counting on Europe' to the lead in providing Ukraine with the 'resources necessary to reach a durable peace' on the continent. Mark Rutte reiterated NATO's recent warnings that Russia could strike NATO territory within the next couple of years. 'If we don't act now, the next three years, we are fine, but we have to start now, because otherwise, from three, four or five years from now, we are really under threat," he said, adding: "I really mean this. Then you have to get your Russian language course out, or go to New Zealand.' 'It's good to have continuity about the US in NATO, but with Ukraine it's a different story. I just don't think Trump really cares about Ukraine," the US-based source told Euronews. 'Trump just doesn't care about Europe – it doesn't make him richer or help him politically,' the source said. Referring to the forthcoming NATO summit taking place next month in The Hague, the source said the presence of Ukraine at the summit "will likely be scaled back", since the US will say, "they're not members' so they don't need to be there".
Fashion Network
7 hours ago
- Fashion Network
G-III Apparel Q1 results
G-III Apparel announced on Friday a 4% decline in sales to $583.6 million in the first quarter, hurt by the U.S. fashion firm's returning of its Calvin Klein and Tommy Hilfiger licenses to parent PVH Corp. However, the New York-based company reported double-digit growth of its key owned brands, namely DKNY, Karl Lagerfeld and Donna Karan, which helped net income for the quarter ended April 30 rise to $7.8 million, or $0.17 per diluted share, compared to $5.8 million, or $0.12 per diluted share. "'G-III delivered solid first quarter results, marked by earnings that exceeded the high end of results underscore the strong demand and desirability of our brand portfolio and are a testament to our team's outstanding execution," said Morris Goldfarb, G-III's chairman and chief executive officer. Looking ahead, the fashion firm withdrew its full-year earnings forecast due to the uncertainty around U.S. tariffs and related macroeconomic conditions. The company expects the unmitigated cost of tariffs on goods imported into the U.S. will accrue additional expenses of approximately $135 million, which is expected to mostly affect the second half of the year. "We are reaffirming our net sales guidance for fiscal 2026 and working diligently to mitigate the impact of tariffs. Our experienced management team has a proven track record of successfully navigating periods of uncertainty, and we view the ongoing disruptions as an opportunity to strengthen our competitive position and capture incremental market share. As we advance our strategic priorities, we have never been more confident in the global resonance of our brands and the significant growth potential ahead to drive long-term profitability and shareholder value," concluded Goldfarb. G-III Apparel owns DKNY, Karl Lagerfeld, Donna Karan, G.H. Bass and Vilebrequin brands, and licenses over 20 brands including Nautica, Halston, Converse, BCBG and National Sports leagues, among others.
Fashion Network
10 hours ago
- Fashion Network
G-III Apparel Q1 results
G-III Apparel announced on Friday a 4% decline in sales to $583.6 million in the first quarter, hurt by the U.S. fashion firm's returning of its Calvin Klein and licenses to parent PVH Corp. However, the New York-based company reported double-digit growth of its key owned brands, namely DKNY, Karl Lagerfeld and Donna Karan, which helped net income for the quarter ended April 30 rise to $7.8 million, or $0.17 per diluted share, compared to $5.8 million, or $0.12 per diluted share. "'G-III delivered solid first quarter results, marked by earnings that exceeded the high end of results underscore the strong demand and desirability of our brand portfolio and are a testament to our team's outstanding execution," said Morris Goldfarb, G-III's chairman and chief executive officer. Looking ahead, the fashion firm withdrew its full-year earnings forecast due to the uncertainty around U.S. tariffs and related macroeconomic conditions. The company expects the unmitigated cost of tariffs on goods imported into the U.S. will accrue additional expenses of approximately $135 million, which is expected to mostly affect the second half of the year. "We are reaffirming our net sales guidance for fiscal 2026 and working diligently to mitigate the impact of tariffs. Our experienced management team has a proven track record of successfully navigating periods of uncertainty, and we view the ongoing disruptions as an opportunity to strengthen our competitive position and capture incremental market share. As we advance our strategic priorities, we have never been more confident in the global resonance of our brands and the significant growth potential ahead to drive long-term profitability and shareholder value," concluded Goldfarb. G-III Apparel owns DKNY, Karl Lagerfeld, Donna Karan, G.H. Bass and Vilebrequin brands, and licenses over 20 brands including Nautica, Halston, Converse, BCBG and National Sports leagues, among others.
