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   SSENSE Owes Millions to Indie Fashion Brands. (Here’s How They’re Dealing With It.)
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   When the influential luxury e-tailer filed for bankruptcy protection, independent designers soon found themselves in trouble.
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                    <span style="word-break: break-word; font-size: 15px;">
                     At first, SSENSE was a boon to
                     <a style="text-decoration: underline; color: #000000;">
                      Who Decides War
                     </a>
                     . The NYC-based luxury streetwear brand was founded in 2019 by husband-and-wife duo Ev Bravado and Téla D’Amore.
                     <a style="text-decoration: underline; color: #000000;">
                      SSENSE
                     </a>
                     , the zeitgeisty Canadian e-tailer, placed an order right away. At the time, the online fashion retail arena was crowded and hypercompetitive, with boutiques jostling for market share. SSENSE’s edge, besides its sleek website and famous end-of-season
                     <a style="text-decoration: underline; color: #000000;">
                      blowout sales
                     </a>
                     , was its curation: The store carried a wide selection of niche and underground labels that were difficult to find anywhere else.
                    </span>
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                    <span style="word-break: break-word; font-size: 15px;">
                     SSENSE’s bet on Who Decides War appeared to have paid off for both parties. Being on SSENSE, Bravado says in a recent call, “was definitely a huge endorsement, a huge stamp of approval” for their fledgling brand. According to Bravado, the initial order sold well, and SSENSE invested further in the relationship, stocking its virtual shelves with a growing assortment of Who Decides War’s $1,000-plus artisanally distressed jeans, which in turn helped the brand invest in itself. The designer says that SSENSE was “an accelerator for us.”
                    </span>
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                   <p style="margin:0;font-size:15px;mso-line-height-alt:18px">
                   </p>
                   <p style="margin:0;font-size:15px;mso-line-height-alt:22.5px">
                    <span style="word-break: break-word; font-size: 15px;">
                     And then came the crash. Following two years of softening consumer spending and declining sales, SSENSE was already in a financially vulnerable position when US tariff policy delivered a knockout punch. On July 30, President Trump signed an executive order suspending the “de minimis” rule, which allowed packages under $800 to be shipped to the US tariff-free. SSENSE
                     <a style="text-decoration: underline; color: #000000;">
                      filed for bankruptcy protection
                     </a>
                     in Quebec superior court one month later. (According to court documents, the average SSENSE order over the last 12 months was $534.)
                    </span>
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                    <span style="word-break: break-word; font-size: 15px;">
                     All of a sudden, one of Who Decides War’s most fruitful partnerships turned into a nightmare. By the time of the filing, SSENSE hadn’t paid Bravado for over half a million dollars in orders: $574,058.70, to be exact, per a preliminary list of the company’s known creditors.
                    </span>
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                   </p>
                   <p style="margin:0;font-size:15px;mso-line-height-alt:22.5px">
                    <span style="word-break: break-word; font-size: 15px;">
                     The
                     <a style="text-decoration: underline; color: #000000;">
                      list
                     </a>
                     , published by court-appointed monitor Ernst &amp; Young, began circling on social media this month. According to
                     <a style="text-decoration: underline; color: #000000;">
                      court filings
                     </a>
                     , SSENSE entered bankruptcy protection with $371 million CAD (Canadian dollars) of debt, with over $93 million CAD owed to vendors, at least some of which is detailed on the list, which names hundreds of brands ranging from Auralee (owed €145,618.85) to Willy Chavarria ($50,292).
                    </span>
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                   </p>
                   <p style="margin:0;font-size:15px;mso-line-height-alt:22.5px">
                    <span style="word-break: break-word; font-size: 15px;">
                     After the creditors list hit Substack and TikTok, it prompted a wave of curiosity and anger. Of all the e-comm heavyweights, SSENSE was seen as a champion of emerging brands and a hub of Internet-fluent taste, an image it honed with its cerebral editorial voice, meme-machine social media feeds, and archly styled models.
                    </span>
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                     But while style watchers have expressed dismay at a system that now looks anything but supportive, Bravado and others on the list aren’t quite so surprised that they’ve found themselves in this position. “If it’s not SSENSE, it’s someone else. We’ve been going through it with retailers as a whole over the last two years,” he says.
                    </span>
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                   </p>
                   <p style="margin:0;font-size:15px;mso-line-height-alt:22.5px">
                    <span style="word-break: break-word; font-size: 15px;">
                     While the fashion industry has rapidly expanded in the past decade, retailers have had to confront rapidly changing spending habits, which has wiped out brittle businesses like Matches and
                     <a style="text-decoration: underline; color: #000000;">
                      Barneys
                     </a>
                     and severely tested stalwarts like Saks. And when retailers crash, brands can be left holding the bag due to typical wholesale payment terms. Fashion retail generally works something like this: Store places seasonal wholesale order with a down payment, brand produces the goods and ships to store, and store pays the balance within 30 days—or much later, in times of crisis. (Earlier this year, Saks, which has reportedly been wracked by delayed payments,
                     <a style="text-decoration: underline; color: #000000;">
                      told brands
                     </a>
                     the company would be moving from 30-day to 90-day payment terms.)
                    </span>
                   </p>
                   <p style="margin:0;font-size:15px;mso-line-height-alt:18px">
                   </p>
                   <p style="margin:0;font-size:15px;mso-line-height-alt:22.5px">
                    <span style="word-break: break-word; font-size: 15px;">
                     For emerging and independent brands, SSENSE, which in 2021 secured investment at a valuation of over $4.1 billion, looked like the store that was too big to fail. “We’ve been in these situations before,” says the co-owner of a label with nearly seven figures tied up in SSENSE’s collapse. “But it has never been of this scale.”
                    </span>
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                   <p style="margin:0;font-size:15px;mso-line-height-alt:18px">
                   </p>
                   <p style="margin:0;font-size:15px;mso-line-height-alt:22.5px">
                    <span style="word-break: break-word; font-size: 15px;">
                     The numbers on the creditors list are eye-watering, and not even established brands have been spared from the fall-out: SSENSE owes Jacquemus €3,265,436.96, Amiri $2,851,646.40, Maison Margiela €2,170,237.48, and Acne Studios €1,349,176.98.
                    </span>
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                   </p>
                   <p style="margin:0;font-size:15px;mso-line-height-alt:22.5px">
                    <span style="word-break: break-word; font-size: 15px;">
                     But the document paints a particularly clear picture of just how heavily SSENSE invested in a global swathe of new and independent labels. The company is listed as owing Shushu Tong $1,196,171.10, Enfants Riches Déprimés $230,961.48, Studio Nicholson €128,508.36, and Sandy Liang $87,648.90.
                    </span>
                   </p>
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                   </p>
                   <p style="margin:0;font-size:15px;mso-line-height-alt:22.5px">
                    <span style="word-break: break-word; font-size: 15px;">
                     “We recognize this has been a challenging period for our partners, and rebuilding their trust is our priority,” an SSENSE spokesperson told
                     <em>
                      GQ
                     </em>
                     in a statement. “Our commitment to supporting new and emerging designers remains the cornerstone of our purpose, and we are grateful for the unwavering support of our community, which reaffirms our global relevance and the strength of our brand.”
                    </span>
                   </p>
                   <p style="margin:0;font-size:15px;mso-line-height-alt:18px">
                   </p>
                   <p style="margin:0;font-size:15px;mso-line-height-alt:22.5px">
                    <span style="word-break: break-word; font-size: 15px;">
                     Big or small, every designer label is in the same boat. Under the terms of Canada’s Companies’ Creditors Arrangement Act (CCAA), creditors have limited options. While the months-long restructuring is underway, SSENSE can’t pay brands what it owed before the August 29 bankruptcy protection filing, and brands can’t go to court to recover funds. Per the CCAA, past due payments can only be paid through a claims process. (A representative for SSENSE told
                     <em>
                      GQ
                     </em>
                     that “no claims process has been put in place at this time” but “should one be implemented with the approval of the Court, creditors will be advised in due course.”)
                    </span>
                   </p>
                   <p style="margin:0;font-size:15px;mso-line-height-alt:18px">
                   </p>
                   <p style="margin:0;font-size:15px;mso-line-height-alt:22.5px">
                    <span style="word-break: break-word; font-size: 15px;">
                     None of the designers I spoke with expect to be made whole. “I expect zero dollars,” says
                     <a style="text-decoration: underline; color: #000000;">
                      Collina Strada
                     </a>
                     founder and designer Hillary Taymour, who according to the creditors list is out $205,158.85. But that number doesn’t capture the full scale of the potential damage. According to Taymour, around $170,000 in future seasonal orders are now in limbo too. “On top of the $200K they owe me, we have to absorb an autumn-winter order because they’re not taking it,” Taymour says.
                    </span>
                   </p>
                   <p style="margin:0;font-size:15px;mso-line-height-alt:18px">
                   </p>
                   <p style="margin:0;font-size:15px;mso-line-height-alt:22.5px">
                    <span style="word-break: break-word; font-size: 15px;">
                     In a follow-up text, the designer explains that SSENSE declined to take $50,000 in inventory from a fall season order. (An SSENSE representative declined to specifically address whether brands have had to absorb excess products that SSENSE initially ordered.) She tells me she can move it through other channels, but notes, “it’s a shit-ton of money.”
                    </span>
                   </p>
                   <p style="margin:0;font-size:15px;mso-line-height-alt:18px">
                   </p>
                   <p style="margin:0;font-size:15px;mso-line-height-alt:22.5px">
                    <span style="word-break: break-word; font-size: 15px;">
                     Bravado adds that Who Decides War is “equipped to take a hit,” because he and D’Amore recently began shifting the business to direct-to-consumer sales. “If it was a few years back and something like this hit us, we would've been a lot more heavily affected,” he says.
                    </span>
                   </p>
                   <p style="margin:0;font-size:15px;mso-line-height-alt:18px">
                   </p>
                   <p style="margin:0;font-size:15px;mso-line-height-alt:22.5px">
                    <span style="word-break: break-word; font-size: 15px;">
                     Not every designer is so well positioned.
                    </span>
                   </p>
                   <p style="margin:0;font-size:15px;mso-line-height-alt:18px">
                   </p>
                   <p style="margin:0;font-size:15px;mso-line-height-alt:22.5px">
                    <span style="word-break: break-word; font-size: 15px;">
                     <a style="text-decoration: underline; color: #000000;">
                      Rashelle Campbell
                     </a>
                     remembers exactly where she was in 2021 when she first heard that SSENSE was interested in placing an order for her homewares brand. (It was a Taco Bell drive-through in Canada.) “I’ve known about SSENSE since I was 15,” she says. “As a kid in Alberta, Canada, you would never expect to see yourself in this high luxury space.” At the time SSENSE came calling, Campbell was designing and tufting rugs by hand in her house. She was proud to be an Indigenous Canadian–owned brand on SSENSE, and worked with the retailer on collections of whimsical, flubber-like rugs. “They had always paid on time, they had been very communicative, it had been very smooth,” Campbell recalls.
                    </span>
                   </p>
                   <p style="margin:0;font-size:15px;mso-line-height-alt:18px">
                   </p>
                   <p style="margin:0;font-size:15px;mso-line-height-alt:22.5px">
                    <span style="word-break: break-word; font-size: 15px;">
                     She says her most recent collection was a different story. After SSENSE placed an order in January, Campbell told me she received a 30% deposit, produced the rugs, and shipped them to SSENSE’s Montreal warehouse at the end of March. In April, the products
                     <a style="text-decoration: underline; color: #000000;">
                      appeared on the website
                     </a>
                     , but she said she still hadn’t gotten paid. “I sent them a million emails, and it just felt like they were leading me on,” Campbell says. In July, an SSENSE buyer assured her that “payment will follow soon,” per a screenshot Campbell
                     <a style="text-decoration: underline; color: #000000;">
                      posted
                     </a>
                     to Instagram.
                    </span>
                   </p>
                   <p style="margin:0;font-size:15px;mso-line-height-alt:18px">
                   </p>
                   <p style="margin:0;font-size:15px;mso-line-height-alt:22.5px">
                    <span style="word-break: break-word; font-size: 15px;">
                     She’s still waiting. “I know now that most likely I’m not going to get paid,” Campbell says. “I had been hopeful, but I’ve lost hope at this point. I had been trusting them and the trust was completely broken.” (Per an SSENSE representative, “As we manage through this process, we’re reflecting on how to evolve our practices to remain a strong and sustainable partner to all.”)
                    </span>
                   </p>
                   <p style="margin:0;font-size:15px;mso-line-height-alt:18px">
                   </p>
                   <p style="margin:0;font-size:15px;mso-line-height-alt:22.5px">
                    <span style="word-break: break-word; font-size: 15px;">
                     Campbell’s orders were small potatoes compared to the swathes of Fear of God Essentials sweats and Tabi boots that fill SSENSE’s pages. According to the creditors list, SSENSE owes her $22,612.50 CAD. Though her business might seem like a rounding error for SSENSE, Campbell was of a class of designers who helped turn the retailer into the favorite online fashion bazaar for millennials and Gen Z, a place where you could discover an unknown rug designer from Canadian oil country while browsing for a fresh pair of Birkenstocks. She runs the kind of brand SSENSE once helped build, and is now left among the most vulnerable by its meltdown.
                    </span>
                   </p>
                   <p style="margin:0;font-size:15px;mso-line-height-alt:18px">
                   </p>
                   <p style="margin:0;font-size:15px;mso-line-height-alt:22.5px">
                    <span style="word-break: break-word; font-size: 15px;">
                     The missing payment, Campbell says, “has completely put me at a standstill. I was going to use that money to invest in another collection and new designs and production costs. I haven’t been able to do that. So I’m back to square one.”
                    </span>
                   </p>
                   <p style="margin:0;font-size:15px;mso-line-height-alt:18px">
                   </p>
                   <p style="margin:0;font-size:15px;mso-line-height-alt:22.5px">
                    <span style="word-break: break-word; font-size: 15px;">
                     In September, SSENSE secured nearly $30 million in interim financing and is now operating more or less as usual as the restructuring proceeds. New products are hitting the site every day. The retailer’s famous sale section is well stocked.
                    </span>
                   </p>
                   <p style="margin:0;font-size:15px;mso-line-height-alt:18px">
                   </p>
                   <p style="margin:0;font-size:15px;mso-line-height-alt:22.5px">
                    <span style="word-break: break-word; font-size: 15px;">
                     While SSENSE sells the rugs Campbell might never get fully paid for, the designer has resorted to selling her wares at markets in Canada. “It’s been challenging,” she says. And what if SSENSE pulls through and offers to keep working with her? “I have too much dignity to do that,” Campbell says. “I couldn’t work with a company that has treated their brands like this.” Adding, “Even if they paid upfront, I’m good.”
                    </span>
                   </p>
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