Lingerie firm Ultimo, the firm set up by Tory peer Baroness Mone of Mayfair, is to cease trading in the UK.
The website is to close on 15 April, the Ultimo said today.
Ultimo is owned by Sri Lankan-based MAS Holdings, which acquired a majority stake in 2014 with Mone resigning as a director.
Founded in 1996 with her husband, Ultimo was famed for using models such as Penny Lancaster and Rachel Hunter.
However, the firm said the last few years had been “extremely challenging for Ultimo, driven by increasing competition in the market and more cautious consumer spending”.
Since leaving Ultimo, Mone embarked on an ambitious venture to sell a luxury Dubai development solely using cryptocurrency – most of which have already been sold.
Speaking about the decision Mone used Twitter to say: It’s very sad to see that Ultimo,the brand I created 21 years ago is closing down. I turned Ultimo in to a Global success story & I am immensely proud of what we achieved. Please note that I sold Ultimo & left the company 4 years ago. I may comment further shortly,when the time is right.
It’s very sad to see that Ultimo,the brand I created 21 years ago is closing down.I turned Ultimo in to a Global success story&I am immensely proud of what we achieved.Please note that I sold Ultimo&left the company 4 years ago.I may comment further shortly,when the time is right pic.twitter.com/fIo6LA3V8J
— Lady Mone (@MichelleMone) April 10, 2018
With 11 staff at Ultimo’s Scottish headquarters facing redundancy, Ultimo’s demise comes as the latest in a string of recent high street failures. The likes of Toys R Us, Maplin and Claire’s have all entered insolvency proceedings in 2018.
It said in a statement: “Following a review of in-store and online performance over the last three years, and considering the retail environment within which the business is operating, the company has decided, with regret, to cease trading on the ultimo.co.uk website and close Ultimo operations in the UK.”
Customers will have 28 days to return online purchases but concessions stores have closed, meaning products cannot be returned.
The firm added: Since its launch 21 years ago, Ultimo has offered shape enhancing and confidence boosting lingerie solutions for millions of women. Ultimo has become recognised for its commitment to helping women find their best shape and for its heritage of quality craftsmanship and attention to detail, ensuring style, innovation and design were kept at the heart of every collection.
We would like to offer our sincere thanks to our customers who have supported us since the beginning and who have, year after year, bra after bra, turned to Ultimo as their favourite lingerie brand.