Why celebrity favourite The Vampire's Wife is on the brink

Why celebrity favourite The Vampire’s Wife is on the brink

• Celebrity-beloved brand was set up by English designer Susie Cave and partners 
• READ MORE: Cult dress brand The Vampire’s Wife beloved by Princess of Wales is facing liquidation

Before my friend Louisa, 37, got married last month, she spent months agonising over the perfect wedding dress.

But for her 61-year-old mother, Christine, there were no such qualms. She immediately knew what she’d be wearing: a pink floral dress by The Vampire’s Wife, whose £950 price tag only added to its air of exclusivity and allure.

Whether they are 61 or 16, women adore The Vampire’s Wife. At weddings, parties and milestone birthdays, it would be rare not to spot a Falconetti, the brand’s most popular style, with its three-quarter length sleeves and ruffled trim.

Since its launch in 2017, the dress has been remade in a dizzying array of fabrics, colours and prints. Rachel Weisz wore a pale blue floral version for a recent publicity tour. Jennifer Aniston and Keira Knightley both have it in black, while so enamoured is the Princess of Wales with the brand that she has the Light Sleeper style in shocking pink and the Falconetti in metallic green. (She even chose to have her portrait painted in it.)

All of which makes The Vampire’s Wife’s current financial troubles even more surprising. Most fashion retailers would agree that nobody shifts stock like Kate Middleton, yet the brand still finds itself facing liquidation due to debts.

Since its launch in 2017, the dress has been remade in a dizzying array of fabrics, colours and prints. The Princess of Wales pictured in March, 2022

On June 30, a petition to wind up the company was presented by HMRC as the result of an unpaid tax bill, plunging its future into uncertainty.

According to founder and designer Susie Cave, whose husband is the musician Nick Cave, the petition was issued without warning after a delayed payment earlier this year, with HMRC rejecting the company’s request to pay its debt in monthly instalments.

Like many brands, The Vampire’s Wife was affected badly by the pandemic, with the firm claiming this is when its debt initially built up.

In 2021, it made a loss of £2.1 million, but by 2022 it was in profit, with revenue of £5.1 million. Sales for 2023 are expected to reach £6.6 million.

‘Whilst a court hearing has been set for July 12, 2023, we are working with the company’s secured lender to find a solution agreeable to all parties,’ it said in a statement, adding that it would continue to trade.

So the beloved frocks are still on sale — but is there a single well-heeled woman left in Britain yet to buy one?

In many ways, The Vampire’s Wife has become a victim of its own success. While it would be unfair to say the brand is a one-trick pony, the popularity of its Falconetti could certainly give this impression.

With its flattering length, fitted bodice and dramatic bell sleeves, it seemed to suit almost every age and body type.

Presenter Emma Willis pictured in a sparkling deep green gown from The Vampire’s Wife in 2018

Whether they are 61 or 16, women adore The Vampire’s Wife. Pictured: Sandra Oh (left) and Rachel Weisz (right) 

Like many brands, The Vampire’s Wife was affected badly by the pandemic, with the firm claiming this is when its debt initially built up. Chloe Grace Moretz pictured in 2018

Yet the cost is eye-watering (prices range from £850 to £2,500), so it’s no wonder a string of less expensive Falconetti lookalikes have proved popular on the High Street.

Mid-range labels including Aspiga, Albaray and Reformation have also found themselves inspired by the Falconetti’s shape.

As well as being undercut by cheaper competitors, sales are also being cannibalised by the rental market. According to rental platform, My Wardrobe HQ, The Vampire’s Wife is one of the labels that is rented out more than 70 per cent of the time. That customers would rather rent a dress from just £15 a day than commit to buying one suggests concerns about its powers of endurance.

So instantly distinctive is the style, that no one, bar the odd thrifty princess, wants to risk being seen in it more than once.

A one-off wear minimises the chances of showing up in the same outfit as another guest, as happened at Prince Harry’s wedding in 2018, when three guests, including Sara Parker-Bowles, wore Vampire’s Wife dresses, albeit in different colours.

Fashion insiders also questioned whether the 2020 collaboration with H&M risked overexposure and damaged sales of its main line, given that an H&M Falconetti-style lace dress was £50. Yet despite its current woes, few would bet against The Vampire’s Wife rising again. Susie Cave is a genuine talent and a shrewd businesswoman who has already extended her remit to include jewellery, bags and accessories, including an £85 ‘Bonfire’ scented candle.

It also surely helps that the brand is majority owned by Jimmy Iovine, the billionaire music entrepreneur, and his wife, the model Liberty Ross — though whether they are prepared to invest further in it remains to be seen.

Certainly, it’s a stark reminder that, for all but the biggest, most powerful players, the fashion industry has never been tougher to survive in. They say vampires live forever; let’s hope this namesake label shares their longevity.

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