Australia’s Dion Lee has entered voluntary administration for its local business, with the luxury fashion label losing its major investor.
SEE ALSO: Heinemann Australia rebrands to Heinemann Oceania
The New York-based designer has reportedly appointed voluntary administrators to his brand’s Australian business only, and is now under the control of Australian insolvency firm DVT Group administrator Antony Resnick, with hopes to revive the Sydney-founded brand.
Its international business has not touched by the local market bankruptcy.
The news comes after Australian brand and retailer Cue, which acquired a major share in Dion Lee in 2013, withdrew its partnership and investment in the local brand, triggering the insolvency.
“We are in the very early stages of our administration process and our focus right now is on speaking with the Australian and U.S.-based team and getting across all the relevant operational and financial data,” said Resnick in a statement.
“The Dion Lee brand has built global recognition and credibility in the world of high fashion. It is regularly worn by cultural icons and influencers. It is noted in the industry for its unique designs, all of which should attract both local and international investor interest.”
Potential buyers are looking at the Dion Lee business, reports have added.
Founded in 2009, Dion Lee has one store in the U.S. in Miami, and six in Australia. A second U.S. store was slated to open in New York. Internationally, the brand has 160 wholesale doors.
Following its debut, Dion Lee shifted to the New York Fashion Week in 2014. However, last year, it skipped New York, for Shanghai Fashion Week, in a bid to crack the Chinese market.
In 2023, Dion Lee appointed James Miller as CEO. Millers comes to the Sydney-headquartered brand from the Collected Group, where he served as CEO and chief creative officer for some seven years.
Prior to that, Miller had also held a series of executive and managerial roles at Ted Baker and Ralph Lauren.