Why celebrity favorite The Vampire’s Wife is on the verge

Before my friend Louisa, 37, got married last month, she spent months mulling over the perfect wedding dress.

But for her 61-year-old mother, Christine, there were no problems. She knew immediately what she would wear: a pink floral dress from The Vampire’s Wife, whose £950 price tag only added to the air of exclusivity and allure.

Whether 61 or 16, women love The Vampire’s Wife. At weddings, parties and milestone birthdays, it’s rare not to see a Falconetti, the brand’s most popular style, with its three-quarter sleeves and ruffles.

Since its launch in 2017, the dress has been recreated in a dizzying array of fabrics, colors and prints. Rachel Weisz wore a light blue floral version for a recent publicity tour. Jennifer Aniston and Keira Knightley both have it in black, while the Princess of Wales is so enamored with the brand that she has the Light Sleeper style in shocking pink and the Falconetti in metallic green. (She even chose to have her portrait painted in it.)

All this makes The Vampire’s Wife’s current financial problems even more surprising. Most fashion retailers agree that no one switches stock like Kate Middleton, but the brand still faces liquidation due to debt.

On 30 June, a petition was filed by HMRC to wind up the company over an unpaid tax bill, plunging the future into uncertainty.

According to founder and designer Susie Cave, whose husband is musician Nick Cave, the petition was filed without warning following a delayed payment earlier this year, with HMRC rejecting the company’s request to pay its debt in monthly installments.

Like many brands, The Vampire’s Wife was hit hard by the pandemic, and the company claimed that’s when the debts initially built up.

In 2021 it made a loss of £2.1 million, but in 2022 it was a profit, with a turnover of £5.1 million. Revenue for 2023 is expected to be £6.6m.

“While a court hearing is scheduled for July 12, 2023, we are working with the company’s secured lender to find a solution acceptable to all parties,” it said in a statement, adding that it would continue to trade.

So the beloved dresses are still on sale – but isn’t there a single well-to-do woman in Britain who has yet to buy one?

In many ways, The Vampire’s Wife has become a victim of its own success. While it would be unfair to say that the brand is a one-trick pony, the popularity of its Falconetti could certainly give this impression.

With its flattering length, fitted bodice and dramatic bell sleeves, it seemed to suit almost every age and body type.

Presenter Emma Willis photographed in a sparkling deep green dress from The Vampire’s Wife in 2018

Whether 61 or 16, women love The Vampire’s Wife. Pictured: Sandra Oh (left) and Rachel Weisz (right)

Like many brands, The Vampire’s Wife was hit hard by the pandemic, and the company claimed that this is when debts initially accumulated. Chloe Grace Moretz pictured in 2018

Still, the cost is eye-watering (prices range from £850 to £2,500), so it’s no wonder a range of cheaper Falconetti lookalikes have proved popular on the High Street.

Mid-market labels, including Aspiga, Albaray and Reform, were also inspired by the shape of the Falconetti.

Sales are not only undermined by cheaper competitors, but also cannibalized by the rental market. According to rental platform My Wardrobe HQ, The Vampire’s Wife is one of the labels that is rented more than 70 percent of the time. That customers would rather rent a dress from as little as £15 a day rather than commit to buying one suggests concerns about its staying power.

The style is so instantly distinctive that no one, save the occasional frugal princess, wants to risk being seen in it more than once.

One-off wear minimizes the chance of showing up in the same outfit as another guest, as happened at Prince Harry’s wedding in 2018 when three guests, including Sara Parker-Bowles, wore Vampire’s Wife dresses, albeit in different colors.

Fashion insiders also questioned whether collaborating with H&M in 2020 risked overexposing the main line and hurting sales, as a Falconetti-style lace dress at H&M cost £50. But despite its current woes, few would bet that The Vampire’s Wife would rise again. Susie Cave is a real talent and savvy businesswoman who has already expanded her remit to include jewellery, bags and accessories, including an £85 ‘Bonfire’ scented candle.

It certainly helps that the brand is majority owned by billionaire music entrepreneur Jimmy Iovine and his wife, the model Liberty Ross – but whether they’re willing to invest further in it remains to be seen.

Sure, it’s a stark reminder that, for all but the biggest, most powerful players, the fashion industry has never been more difficult to survive in. They say vampires live forever; let’s hope this eponymous label shares their longevity.