Jennifer Lopez

The Firm of one of Wales' most famous fashion designers who has dressed stars like Beyoncé and Jennifer Lopez , has gone into liquidation.

Julien Macdonald 's company hit trouble during the pandemic and officially went into liquidation on 26 July.

It means employees have been sacked and liquidators have had to sell all stock.

MacDonald, from Merthyr Tydfil , is known around The World and recently for the opening ceremony.

" Due to The Loss and under performance of several key contracts, including its main UK retail licensee, along with a previously growing licensee based in the United States , which severely impacted cashflow, The Company is now in liquidation, " said Alan Coleman , of liquidation company FTS Recovery.

" The cashflow issues were compounded by general inflationary costs, which impacted on all aspects of The Business . "

The issues started to worsen after Macdonald lost a significant proportion of revenue following the, a statement added.

Referred to as a Fashion King , Julien Macdonald is a globally renowned name.

He grew up in Merthyr Tydfil and went on to undertake a one-year foundation course at Cardiff Art College. He then later received his MA at The Royal College of Art in London.

After his graduation show in June 1996, his talent caught the attention of, who appointed him head designer of knitwear for Chanel.

Throughout his career, he has worked with fashion brands Givenchy and redesigned the Flight Attendant uniforms for British Airways .

He boasts a star-studded international client list including Naomi Campbell , Kylie Minogue , Gwyneth Paltrow and Victoria Beckham .

Liquidation is a process in which assets are sold off for cash.

It is often the outcome for a company deemed irretrievably loss-making. In that case, its assets are sold off individually, and The Cash proceeds are used to repay its lenders.

Usually the tax authorities are The First to be paid, while The Company 's shareholders are The Last , typically receiving nothing.

Source of news: bbc.com