Monogramed luxury fashion business The Daily Edited (tde.) is back from the brink yet again, with the former startup’s owner, Marquee Retail Group (MRG), emerging from voluntary administration, following the execution of a Deed of Company Arrangement (DOCA) to secure the business.
MRG is owned by former Myer boss Bernie Brookes. It bought tde. in December 2022, after the startup had been liquidation/” target=”_blank” rel=”noopener”>placed in liquidation following a wild eight years that saw a bitter falling out cofounders Alyce Tran and Tania Liu, leading to legal action before the matter ended in abruptly in 2021 when Tran sold her 50% to Liu.
At its height, tde. was valued at nearly $14 million when they sold a stake to fashion brand Oroton in 2017 for $4.5 million, then bought it back for $2.2 million two years later.
As well as tde., Brookes MRG also bought Colette by Colette Hayman, an affordable handbag, jewellery and fashion accessories chain from voluntary administrators in 2020.
Then it was MRG’s turn in voluntary administration two months ago, with the books handed to restructuring and insolvency firm Mackay Goodwin in April this year.
At the time Brookes, MRG’s chair, blamed an “an unplanned downturn in sales from October 2023 to March 2024” due to…