August 30th 2024.
The popular fashion label from Australia, known for being a favorite among celebrities, Dion Lee, has announced that it will be closing its doors after failing to find a buyer. This decision comes after the brand faced financial struggles and entered voluntary administration three months ago, when its stakeholder, Cue, withdrew its support.
Antony Resnick and Henry Kwok from dVT Group partners, who were appointed as administrators, were initially optimistic about the brand's reputation attracting interest from both local and international buyers. However, despite their efforts to find a new owner, they were unable to secure a satisfactory offer and ultimately made the tough decision to wind up the company.
During the second creditors meeting, it was revealed that although there were potential buyers interested in the brand, no suitable offer had been presented yet. As a result, dVT has successfully made sales of over A$3 million in merchandise since being appointed as the administrators. The administrators also announced that Dion Lee's retail stores in Australia will remain open until late September or early October, while the brand's online site will continue to operate until early November.
The staff of Dion Lee will be informed of any changes that may occur, and the administrators have already received inquiries about outstanding superannuation, annual leave, and long service leave. As the troubled brand tries to recover from its losses, it is currently holding a sale of up to 80% off on its items. It is a stark contrast from the brand's humble beginnings in 2009, when its founder, Dion Lee, started showcasing his line at Australian Fashion Week at the young age of 23.
Since then, the brand has grown tremendously, with stores all over the world. It has also gained a following among A-listers like Taylor Swift, Kylie Minogue, and the Duchess of Sussex, Meghan Markle. The brand's pieces range from a few hundred dollars to thousands, appealing to a wide range of customers. Currently, Dion Lee is evaluating its options for its business in the United States.
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