Australian designer brand Dion Lee Enterprise Australia has entered voluntary administration. The announcement comes after news that Cue Clothing Co. decided to withdraw from its partnership with the brand and recall their investment in the Dion Lee business.
dVT Group has been appointed as the voluntary administrator of the Dion Lee Enterprise Australian entities to evaluate the brand’s future, with a focus on attracting new investors.
The company was founded in 2009 and currently operates six stores in Australia and one in the United States. Their products are also sold through 160 outlets worldwide. The voluntary administration applies to the company’s operations in Australia, however the retail stores and online channels will remain operational. Administrator Anthony Resnick and his team are assessing all options regarding the US business as a matter of urgency.
“We are in the very early stages of our administration process, and our focus right now is on speaking with the Australian and US-based teams and getting across all the relevant operational and financial data,” said Mr Resnick. Resnick says a full creditors’ report is being prepared, and a creditors’ meeting…