Kira Plastinina, we hardly knew ye
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Seven months after 16-year-old Russian golden child and fashion designer Kira Plastinina burst onto the U.S. scene with a dozen boutiques bankrolled by her millionaire father, the much-hyped chain has filed for bankruptcy and has closed most of its American stores.
The teen’s May debut in the States was meticulously orchestrated, with a publicity spree and a bi-coastal pair of glittering debut parties. But her apparel and accessory offerings — often slathered in pink and purple and girlie accouterments such as hearts and stars — apparently stumbled as the economy began to flail. (For a photo gallery, click here.)
Retail experts said the hoopla over her collection quickly died down, making the brand vulnerable to competition. Plastinina’s location at the Americana at Brand closed just after a Kitson store, notorious for a similar concept of fashion lines designed by high-profile names, opened in late November. Part of the problem was that bigger homegrown stars like Hilton and Jessica Simpson already command much of the celebrity design market, said Betty Chen, a research analyst with Wedbush Morgan. And by striking out on her own, Plastinina lacked the security net of a major chain to distribute her designs even as aspiring fashionistas such as singer Avril Lavigne and model Elizabeth Hurley paired with retailers such as Kohl’s and Mango.
“Earlier in the year, people were quite excited that she was so young and yet starting out on her own,” Chen said. “But the momentum kind of died, and now people are not going to spend more money just because of a celebrity name.”
Los Angeles-based KP Fashion Co. filed for Chapter 7 bankruptcy Wednesday in New York, and at least four of the six branches in Southern California shut their doors in the last two weeks. At least three other stores around the country have already closed, according to the shopping centers where they were based. The chain had plans to open 250 stores in the U.S., executives told The Times in May. Now, the chain’s website is advertising 75% discounts on all its merchandise.
More than 100 creditors, including Verizon, the Glendale Police Department and Ford Models Inc., are owed $54.5 million, though the company has just $9.7 million in assets, according to the bankruptcy filing. KP Fashion is also embroiled in a trademark infringement suit brought by Pacific Sunwear of California Inc. in a California court, according to the filing. KP Fashion representatives did not return calls for comment.