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I don't think that will be there main play. I imagine they will keep the two brands separate but look for cost efficiencies between the two. Vulpine didn't fail because there was a shortage of people willing to buy their clothes - people don't really care what's behind the brand, whether it's PE at Rapha or Mango Bikes at Vulpine.
Also there are plenty of £50k+ earning people riding Mango bikes
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Vulpine failed because they overestimated their market whilst getting their ordering massively wrong.
They had £250k in stock, according to the administrators. I'm not sure if that included the 2000 unsold and contractually unsellable Hoy Vulpine t-shorts...
Apparently they were trying to get £50k for the company. That's pretty much chump change - if you've got the infrastructure already, you can probably make that back from existing the stock. Anything else on top of that is a bonus.
Genuine question - how can a company that sell bikes for less than £300, sell urban cycling jackets to the same people that cost more than their bike?