Dion Lee will cease trading, with the Australian luxury fashion label failing to attract a saviour buyer after entering voluntary administration earlier this year.
SEE ALSO: Australian luxury fashion brand Dion Lee enters voluntary administration
Dion Lee appointed voluntary administrators in May, and was under the control of Australian insolvency firm DVT Group administrator Antony Resnick, with hopes to revive the Sydney-founded brand.
The insolvency was triggered after Australian brand and retailer Cue, which acquired a major share in Dion Lee in 2013, withdrew its partnership and investment in the New York-headquartered brand.
However, after months of searching for a new buyer, the decision was made to wind up the luxury fashion company.
“The second creditors meeting heard that while there had been interest from potential buyers of the brand no acceptable offer was as yet forthcoming,” a statement read.
“DVT has to date realised more than AUD 3 million (USD 2.03 million) in sales of merchandise after earlier being appointed voluntary administrators.”
The administrators said Dion Lee’s retail stores in Australia will continue operating until late September or early October.
The brand’s online site is expected to continue to trade through to early November.
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. Miller 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.