Dion Lee: Renowned Australian fashion brand beloved by A-list celebrities faces financial turmoil as it enters administration
- Dion Lee’s Australian franchise is collapsing
- The major partnership agreement was canceled
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A major Aussie fashion brand that made dresses worn by superstars including Taylor Swift and Dua Lipa has entered administration.
The Australian franchise of clothing and apparel brand Dion Lee has gone bankrupt after a partnership deal fell through.
Antony Resnick, a receiver at insolvency firm dVT Group, was appointed receiver for all Australian Dion Lee stores on Thursday.
The Australian franchise of clothing and apparel brand Dion Lee has become insolvent after a partnership deal collapsed (Photo Dion Lee clothes on display at a fashion show)
dVT Group is also considering investors who may be interested in providing financial capital for the company.
It is believed that the company will continue operations until Mr. Resnick can restructure the company by ensuring its debt obligations are met.
The fashion label is said to have ended up in administration after a collaboration agreement fell through.
Major clothing label Cue Clothing Co has reportedly terminated their partnership agreement with Dion Lee and also canceled their investment in the company, according to The Australian.
Daily Mail Australia has contacted Dion Lee for comment.
The company found renewed fame after pop star Taylor Swift wore a $650 Dion Lee Crochet Corset Top to the SuperBowl contested by the Kansas City Chiefs and the San Francisco 49ers.
The company gained new fame after pop star Taylor Swift (pictured center) wore a $650 Dion Lee crochet corset top to the SuperBowl
More to come.