If you asked City folk last year who they thought was doing well in retail, Ted Baker was name-checked without fail. Its floral patterns and quirky designs had always been a hit with its loyal shoppers, they'd say. It had few bricks-and-mortar shops, so it paid less in rent, a big liability for some of its struggling retail peers. It was less exposed to the doom and gloom on the high street at home because it sold more overseas and online. Above all, it was run by its founder Ray Kelvin, the man who built it from scratch. A year on and Ted Baker is almost unrecognisable. It had to sound the alarm on profits four times this calendar year, Kelvin has left the business, and it has three investigations-cum-reviews on the go, internally and externally, trying to make sense of it all -- from harassment allegations against its founder, which he denies, to an accounting black whole. So what went wrong? Its problems are twofold, but unrelated.