Top Designer Handbag Label Filing for Bankruptcy

Handbag and shoes designer label Mary Norton, according to a recent news item, has filed for bankruptcy. The brand, known best as Moo Roo, makes handbags and shoes worn by many A-list celebrities that, for a clutch or handbag, cost from $800 to $6,000, depending on the material. On the brand’s website, an alligator handbag encrusted with crystals is in the $6,000 range. Most celebrities wearing her products have been spotted at awards ceremonies with jewel covered or encrusted or satin handbags or beaded clutches. Some of the celebrities carrying Mary Norton handbags as of recent include Tina Fey, Teri Hatcher, Carrie Underwood, Queen Latifah, Katherine Heigl, and Helen Mirren.

The brand has been in existence for twelve years and has boutiques in Bevelry Hills and on Fifth Avenue in New York. However, the handbag brand sold stake in the business to The Atelier Fund and now the brand owes $5 million, leading them to file for bankruptcy liquidation. In addition, the luxury brand, as the result of the recession, has seen sales go down, as the demand for luxury goods has gone down for the moment.

In terms of style phases, brands – and even department stores – have filed for bankruptcy and recovered, and this includes top designers and more affordable brands. Will Mary Norton Inc. recover? Although $5 million is a large amount of money, an economical upswing could result in more demand for luxury goods. Although seeing a label with unique handbags and shoes go due to the recession is unfortunate, lesser brands have come and gone due to the ebb and flow of the economy. However, some brands or stores do file for bankruptcy and end up recovering. As fashion is fleeting, the future for this celebrity worn label is one that appears ambiguous.