In a post on LinkedIn Luxe Collective co-founder and chief executive Ben Gallagher has confirmed the closure of the business after seven years of operation.
Gallagher said the brand had been through a “year-long fight” after being broken into last year, but added that after “doing all we could just to get us through to the next day” Luxe Collective is “no longer able to continue”.
He said it was the “hardest decision I’ve ever had to make”, but added that while “the last year has been the most painful in my life… I’m overwhelmed with relief. I’ve never been so mentally and physically drained, stressed and constantly anxious”.
Gallagher said that he had explored “every single avenue” to keep Luxe Collective going, but admitted that “we’ve finally been defeated”.
While last year’s robbery clearly played a big role financially in the brand shutting down, Gallagher said it also “ultimately affected my leadership and decision making. I made decisions that, in retrospect, I regret and I got wrong”.
“The criminals who broke in haven’t just ruined the company,” he continued. “They’ve ruined the livelihoods of not just me and my brother but all the amazing staff that we have had to make redundant and who have lost their jobs in the process”.
Luxe Collective and its co-founder only last year won £100,000 investment from entrepreneur Steven Bartlett on the show Dragons’ Den.
Gallagher also sat down last year with Retail Week and talked about disrupting the struggling luxury market and about its focus on thriving on social media and aiming to generate £1m of revenue a day through TikTok Shop.
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