Dragons’ Den brothers Ben and Joe Gallagher have been forced to close their clothing company after a challenging 12 months.
The brothers appeared on the BBC show in January 2024 alongside COO Oliver Millar and received a £100,000 investment in exchange for a 3% stake from Steven Bartlett, 32, to expand their pre-loved luxury fashion business, Luxe Collective.
On Instagram, after mounting social media rumours, Ben announced the closure of Luxe Collective after the ‘most painful year in my life’ that left him ‘mentally and physically drained, stressed and anxious.’
He also admitted the decision had made him ‘overwhelmed with relief’ after the company floundered due to a break-in at their warehouse in Ormskirk last year.
‘The break-in not only affected the financial state of the company but also took such an emotional and mental toll on me and my brother, which ultimately affected my leadership and strategic decision-making,’ Ben wrote.
‘I made decisions that, in retrospect, I regret – they were not the right ones. I take 100% accountability for this – it’s on me.’
Luxe Collective's statement in full
‘Luxe Collective is closing down. I never thought I’d have to say this but the company I created seven years ago at just 18 years old will no longer exist.
‘After a year-long fight after we were broken into last year, in which both me and my brother were doing all we could just to get us through to the next day, we are no longer able to continue.
‘The last year has been the most painful in my life and to be truly honest, whilst I’m talking to you now, I’m overwhelmed with relief – I’ve never been so mentally and physically drained, stressed and anxious.
‘Fighting daily just to keep the lights on has really taken a lot out of us. We have tried every single avenue we possibly could to carry on – but we’ve finally been defeated.
‘It’s easy for me to sit here and say the only reason as to why we’ve failed is the robbery. But that’s not entirely true. The break in not only affected the financial state of the company but also took such an emotional and mental toll on me and my brother which ultimately affected my leadership & strategic decision making.
‘I made decisions that, in retrospect, I regret – they were not the right ones. I take 100% accountability for this – it’s on me.
‘The criminals who broke in haven’t just ruined the company. 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’ve lost their jobs in the process.
‘I want to thank everybody who, over the last seven years, has shown support to me, my brother and my company, whether that was engaging with our social media or using our service.
‘All the team members who have been a part of Luxe Collective at any moment, especially in the last 12 months when things got tough and times were uncertain – thank you.
‘We had some unbelievable talent in this building and if there’s any business watching this who are interested in taking new people on I’d be more than happy to provide a reference.
‘Although we have failed in succeeding with this brand…there are still things that no one will be able to take away from me.
‘I started this brand as a teenager and in the space of 7 years it was recognised all over the world and got the whole industry talking about us.
- We generated over £30M in revenue from starting in our bedroom with £0 investment.
- It took me all over the world to cities like Tokyo & New York.
- I went to fashion shows like Valentino & Hugo Boss in Milan.
- I reached over 3 million followers and 1 Billion Views on social media.
- I went on Grace Beverley’s podcast and met so many other amazing, super successful people.
‘But most importantly, I built a relationship with my brother that would never have existed without going on this journey with him. Now, we’re both back to square one. Not left with much except the 7 years of priceless experience and a fresh head to start something new with…
‘To any customers this may affect, please reach out through the appropriate channels, and we will get back to you as soon as we can.
‘To everyone who is reaching out publicly and privately, you don’t understand how much it means during a time like this – thank you.’
In the lengthy statement, Ben said the criminals ‘ruined’ Luxe Collective, as well as the livelihoods of himself, Joe and their ‘amazing’ staff.
He added: ‘All the team members who have been a part of Luxe Collective at any moment, especially in the last 12 months when things got tough and times were uncertain – thank you.’
Ben instructed the customers affected by the closure to ‘reach out through the appropriate channels’ and promised to respond ‘as soon as we can.’
As for himself and Joe, he said they were ‘now back to square one’ with ‘not much left’ but said he would use their ‘seven years of priceless experience and a fresh head’ to start a new project.
In July, Ben explained on TikTok that the criminals had identified a blind spot in the security system protecting Luxe Collective’s warehouse and stole £500,000 worth of stock, around 50% of the company’s products.
Months later, Ben shared an update on Instagram and said their insurance company had reimbursed them for the stolen items.
Speaking about his appearance on Dragons’ Den, Ben told Metro he had set his sights on investment with Steven as he has a personal connection to the entrepreneur.
I subconsciously targeted my pitch at Stephen because he was the person I wanted all along.
‘When I was at college, I was kind of losing direction. I’m smart but I wasn’t doing well. I was regularly missing lessons to deliver shoes as I’d already started this business.
‘All my friends were getting ready to go to university, and that wasn’t my path. I decided to focus on Luxe Collective and stay at home in Liverpool living in my parents’ house.
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‘One day I came across Steven’s podcast Diary of the CEO and I became obsessed with his message. He guided me as I grew my business.
‘I got to tell him how much he helped him, and with our numbers too, he had no option but to invest.’
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Dragons’ Den is available to stream on BBC iPlayer.
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