Denim brand Kings of Indigo (KOI) has announced that it has filed for bankruptcy after it said it was not possible to realise a new investment round in time.
In a letter from its shareholders, the company said that it had not succeeded in arranging a refinancing in recent months, with it now preparing to look towards ways of continuing its concept “with a restart”.
Commenting on the matter, KOI founder Tony Tonnaer said: “It absolutely hurts to leave behind everything we’ve worked so hard for. But I also feel genuine pride and appreciation for everything we have achieved with the team.
“With Kings Of Indigo were able to contribute to making the fashion industry more sustainable, showing other brands how to work cleaner and with more care for the people involved in this industry, without compromising on quality.
“I have felt supported by many people in this mission. I wouldn't have wanted to miss this adventure for the world."
KOI managed to avoid the bankruptcy of Varova Fashion Holding, its former owner, in 2018, transitioning through a management buy-out which ultimately proved challenging for the sustainability-focused clothing brand.
Alongside this move, the letter cited damage from covid-19, difficulties in production, late deliveries and inflation as the cause for its “unhealthy financial situation”.
Bankruptcy trustee D. Cohen Tervaert has been appointed to investigate the brand’s possibilities of a restart.