The Restory founders step down from company on 'proposed' liquidation

By

Nigel TAYLOR

Published
Feb 28, 2023

The three founders of luxury repairs service The Restory are no longer working at the business with Thaís Cipolletta Ferreira Alves announcing in a long and clearly emotional Instagram post that the trio has stepped down.

Reports have suggested that the company could go under, although its future was unclear as we went to press.

The founders have said in a LinkedIn post that it has new owners and the new shareholders have put the business into a “proposed” liquidation.

Meanwhile, on Instagram, Thaís Cipolletta Ferreira Alves said: “It is an emotional time to move on. I have together with my co-founders and resigned in the past few weeks.

“At The Restory we have built not just a brand but a family, a community that was self-nurtured and attracted incredible people (both staff and customers) and I feel humbled to have been able to be part of so much transformation in the circular fashion, design thinking, and innovation spaces.

“It’s been powerful, and intense and what we have created is just being acknowledged by the luxury brands as a huge business asset after so many years of neglecting the lifecycle of the product and not putting some creativity into it.”

She also thanked the team, the partners, the customers and the fashion businesses she’s worked with.

The Restory was founded in 2015 and became a high-profile part of the repair/resale/recycle movement in the luxury sector. It has worked with big-name retail partners, including Harrods, Harvey Nichols, Selfridges, Browns and Farfetch.

The company received a strategic investment last summer from the UK branch of US peer The Cobblers and property specialist Versaille Properties. They haven’t commented on the current situation.