Upmarket retailer Coco Ribbon is to close one of its two stores and place that part of the business into administration, reported Vogue.

The company will shut its store on London's Sloane Street in order to "simplify the business model," said co-founder Alison Chow, who added: "It was a tough decision to close Sloane Street, but now we are going to re-huddle and fine tune."

Coco Ribbon will be left with its store in the Notting Hill area of London, which it is redesigning, as well as online operations.

The company now plans to open concessions, cut third-party fashion stockists from 80% to 50% and concentrate on its own label, Vogue reported.