Millen told the Times her accountants had advised her to use a tax planning scheme, the validity of which was successfully challenged by HMRC in Millen has not designed clothes for the company that bears her name for well over a decade, yet she remains forever yoked to the business that she started with Stanford in , when she was just The first store opened two years later and by the time they sold out in it had become a chain of , retailing a sexy look of tight-fitting dresses and Versace-style bustiers that was firmly plugged in to the fashion zeitgeist.
In the 13 years since Millen sold the company, she has appeared to be living in a bubble, dividing her time between her three children and charity fundraising. She celebrated her 50th birthday by throwing a s-themed party on the Orient Express for close friends that included the models Kelly Brook and Caprice and the entrepreneur Jacqueline Gold.
In due course, all 32 stores and concessions in the UK are expected to cease trading. Already embattled shopping centre owners will be the hardest hit, housing 21 of the 32 standalone stores set to close. Four of these are within the centres of Intu Properties which saw net rental income fall 7.
Geographically, the south-east of England will face the most store closures, with eight based in the region. Data compiled by the local data company for Drapers compared the number of at risk retailers within a 3km of closing Karen Millen and Coast stores.
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A third said: 'I love KarenMillen and Coast - the quality of their clothing is excellent. I do love Boohoo too - but for everyday wear'.
Boohoo has steered clear of traditional 'bricks and mortar' retail since its inauguration in Manchester in Karen Millen snapped up Coast out of administration last year - a move that triggered the closure of all standalone Coast stores, but saved its concessions and a large chunk of its employees.
Boohoo said it has acquired 'the online business and all associated intellectual property rights from the administrators of Karen Millen', which briefly entered into administration earlier today. The online business, which already owns the PrettyLittleThing, Nasty Gal and MissPap brands, has steered clear of traditional 'bricks and mortar' retail since its inauguration in Manchester in A spokesperson declined to say if Boohoo would retain any of the dress retailer's staff.
An initial 62 job losses have been announced as part of the deal, leaving over 1, in danger. Administrators at Deloitte said the stores would continue to trade for a short time while they realise the company's assets.
Boohoo boss John Lyttle said: 'The acquisition of the online business of two great and renowned British brands in Karen Millen and Coast represents another milestone in the Group's growth story as it continues to invest in its scalable multi-brand platform and gain further share in the global fashion e-commerce market.
During alone, Debenhams and L. Bennett have slumped into administration, while others like House of Fraser fight to keep stores open during the ongoing decline of the High Street.
Boohoo said it was interested in buying the brands and online businesses - but made no mention of Karen Millen and Coast's 32 shops and concessions in its statement. Another said: 'Fact is online retailers are making money and the high street is struggling. Retail analyst Emily Salter said the Boohoo group seemed an 'unlikely suitor' for the premium womenswear brands. Independent retail analyst Nick Bubb said the deal 'begs the question of what would happen to the shops and the click-and-collect model'.
However, he praised the move from Boohoo. Conversely, Global Data's UK research director Patrick O'Brien described it on Twitter as 'a really strange move' for a company that predominantly targets people aged 16 to He said: 'Boohoo has made some great acquisitions, but these have been fellow pureplays to enhance its targeting of its young female demographic. Boohoo insisted that the online businesses 'extend the group's offer as part of its vision to lead the fashion e-commerce market globally'.
One customer said Boohoo trying to buy Karen Millen was 'such a sign of the times'. Karen Millen, known for its upmarket dresses, bought Coast out of administration last year. One customer speculated that Karen Millen was struggling because of its 'unattainable price point', telling them to 'stop selling your Zara level dresses at Nicole Farhi prices'. Karen Millen, which previously belonged to Icelandic bank owner Kaupthing, drafted in advisers at Deloitte in June. Deloitte kicked off the search for a new suitor as enduring tough conditions in the retail sector took its toll on the dress firm's bottom line.
Coast has also struggled, in part due to its locations in several Debenhams and House of Fraser stores, which have both had their own high street woes in recent years. By comparison, boohoo revealed a 39 per cent jump in sales in the three months to May Emily Salter from GlobalData warned that the loss of a high street presence would be detrimental to sales.
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