How Ralph and Russo collapsed after finding fame in dressing Meghan Markle, Kylie and Beyonce

This Aussie power couple dressed Meghan Markle, but they went to another billionaire for help before their business went bust.

They were the Australian power couple who dressed Meghan for her engagement to Prince Harry, but their business has gone broke.

Sydney’s Tamara Ralph and Brisbane’s Michael Russo were the King and Queen of London’s fashion set, at one stage worth $314 million.

Their clients also included Nicole Kidman, Kylie Minogue, Beyonce, Gwyneth Paltrow, Angelina Jolie, Jennifer Lopez, Penelope Cruz and Jessica Alba.

Hailey Baldwin wore one of their dresses for her wedding to the pop star Justin Beiber.

Meghan’s $100,000 engagement dress put the label on the mainstream map in 2017, but Ralph and Russo was already on speed dial to billionaires across the globe, who liked their accessible high fashion.

Ms Ralph, who was once engaged to Mr Russo, did not mention his involvement when making a statement about their work partnership’s demise.

Prince Harry posing with his fiance Meghan Markle where she wore a Ralph and Russo dress at Frogmore House in Windsor. Picture: AFP

“I am deeply saddened after 11 years of hard work and passion that Ralph & Russo has had to file for administration today,” she said on Instagram this week.

“I put my heart and soul into my work and everything I create and I’m incredibly proud to have been able to build a global brand in as little as 11 years.”

The designer was expected to continue on when administrators have sorted out the company’s debts.

Mr Russo, who did not return calls from News Corp Australia, has not been mentioned in any official correspondence.

Company documents show he had taken a $1.8 million loan from the business in 2019, secured by his shares in the company that was valued at $314 million that year.

Nick Candy and Holly Valance in London. Picture: Getty

The company had financial backing, including a $30 million loan from billionaire property developer Nick Candy, who married Neighbours star Holly Valance and developed the ritzy apartment block, One Hyde Park, in London.

Ralph and Russo had two outlets in London, including a concession at Harrods.

They also had shops in the jet set locations of Monte Carlo, Paris, Miami, New York, and in wealthy Middle East enclaves of Doha and Dubai, where they were popular with the Royal Families.

Angelina Jolie dressed by Australian designer Ralph and Russo, according to a post on Michael Russo's Instagram page. Source: Instagram

The rent on those outlets contributed to a $26 million loss in 2019, with the figures for the pandemic year not yet available but expected to be much worse.

Ms Ralph and Mr Russo met in London in 2006 and fell in love, but split as a couple some time around 2018 while remaining business partners.

Nicole Kidman dressed in Ralph and Russo, according to a post from Michael Russo's Instagram. Source: Instagram

News of Ms Ralph’s new relationship with Bhanu Choudhrie, a member of one of India’s most wealthy families, hit the pages of Britain’s society bible Tatler in May last year.

Ms Ralph, 39, welcomed a baby girl with Mr Choudhrie six weeks ago.

Luxury fashion buyer Said Chaarawi said Ralph and Russo was extremely popular but had not made the leap from fashion house to profitable brand.

Kylie Minogue dressed in Ralph and Russo, according to a post from Michael Russo's Instagram. Source: Instagram

“I go to a lot of Paris shows and I hear women say I can’t wear that, it’s too avant-garde. Designers put their craziest designs on the catwalk,” he said.

“But every piece from Ralph and Russo, people would feel they could wear that, they could see themselves in it.”

Mr Chaarawi said Ms Ralph had taken high fashion back in time with her personal appointments with stars and the elite.

“In the old days, people such as royalty would have a meeting with a designer, commission a piece and two or three months later, society would see the piece and commission another pieces themselves. Tamara brought that back.”

Beyonce dressed by Australian designer Ralph and Russo, according to a post on Michael Russo's Instagram page. Source: Instagram

He said major brands made money from accessories rather than high fashion because the market was so small, with most luxury brands including Louis Vuitton and Dior making money from handbags and shoes.

Ralph and Russo tried to branch out into up-market runners without financial success.

The company blamed coronavirus for the collapse of the once-thriving business.

Phoebe Waller-Bridge dressed in Ralph and Russo, according to a post from Michael Russo's Instagram. Source: Instagram

Paul Appleton of Begbies Traynor Group and Andrew Andronikou of Quantuma Advisory Limited were appointed as joint administrators.

They confirmed the fashion house would still trade while they work out the next steps.

“The Company remains fully committed to supporting its incredibly loyal global clientele and staff as it transitions through this period,” the administrators said in a statement.