Monogramed luxury fashion startup The Daily Edited (tde.) is back in voluntary administration, just 15 months after the brand was sold to former Myer boss Bernie Brookes.
Marquee Retail Group (MRG), which scored tde.’s flagship store in Sydney’s Queen Victoria Building, when it bought the 10-year-old business in December 2022, handed the books to administrators Mackay Goodwin today, blaming a slowdown in sales over the Christmas shopping season.
MRG also owns Colette by Colette Hayman, an affordable handbag, jewellery and fashion accessories chain. Brookes took over that buiness in September 2020 after it fell into into voluntary administration under Sydney entrepreneur Colette Hayman.
The former Myer CEO and chair of MRG said when he took on tde. that Colette had seen a 300% increase in turnover in retail store sales despite Covid, but now says “an unplanned downturn in sales from October 2023 to March 2024” blamed on rising inflation and increased interest rates, was compounded by and ongoing debt arrangement with the ATO, which dates from a Covid-induced drop in sales.
“The Board of Directors regret that these events have come to pass and acknowledge all the Group’s employees for their hard work and…