^basically yes. Poor financial management and some absolutely terrible luck (the landlord who sold their archive out from under them is on my sh*t list forever). Sure, they went all the way out there with the statements and the styling but - like previous London-based talents before them - the clothes were actually good and wearable for anyone who absolutely wasn't wedded to Philo minimalism in that era.
It made me sad to read Edward's account of how he was treated by the London fashion scene afterwards, but MK operated in about the purest way a label can - focus on the clothes (i.e. they aren't window dressing for leather goods), resist celebrity freebies (except to Courtney Love, who they were fans of), keep production in the UK - and they made it work for about ten years before they couldn't.
