A major Australian fashion company with famous fans like Hailey Baldwin has gone into voluntary administration, putting the jobs of its 400 employees at risk.
Marquee Retail Group (MRG), owner of accessories brands Colette by Colette Hayman and The Daily Edited, has appointed the administrator after being unable to save the brands from collapse.
A spokesperson for MRG said the company plans to keep its 60 stores open, not reduce its workforce and continue operating after all or part of the business is sold.
Colette by Colette Hayman went into administration in 2020 before being bought by former Myer chief executive Bernie Brookes.
The Daily Edited, a luxury fashion brand loved by wealthy Australians, went bankrupt in October 2022 after a high-profile feud between co-founders Alyce Tran and Tania Liu.
A major Australian fashion company has gone into voluntary administration but hopes to keep all its stores open and not lose any of its 400 employees. One of the brands is Colette by Colette Hayman (model shown)
The Daily Edited, a luxury fashion brand (model pictured) loved by wealthy Australians, went bankrupt in October 2022
They launched The Daily Edited in 2014 after meeting three years earlier while working at a law firm in Perth, and built it into a $25 million fashion powerhouse with stores in Sydney and New York, in addition to their online offering.
Several famous faces have worked with the brand in the past.
Hailey Baldwin collaborated with The Daily Edited in 2016, promoting a collection called #theHAILEYedited.
In 2017, film star Sylvester Stallone’s daughters Sistine, Sophia and Scarlet were featured in the #MeetTheStallones campaign to promote a new collection.
But the beginning of the end came after Ms Liu launched legal action against her business partner in the NSW Supreme Court in December 2019, claiming Ms Tran had spent thousands of dollars of the company’s money on herself in breach of her duties as a company director.
Ms Tran denied the allegations before selling her 50 per cent stake in the company in May 2021.
The terms of the sale were not disclosed, but it ended their legal battle.
MRG was founded in 2023 after Mr Brookes bought The Daily Edited in 2022.
The company had been hit by Australia’s cost of living crisis, which had led to a decline in sales over the past six months, blamed on rising interest rates and inflation.
It also has a debt to the Australian Taxation Office, which helped put it into administration. The process will be managed by insolvency firm Mackay Goodwin.
Mr Brookes said the company hopes to operate normally while it is in administration.
“Our decision today is about securing the future of Marquee Retail Group and its employees as we emerge on the other side of voluntary administration,” he said.
‘We hope to work with all parties to ensure an outcome, either with a sale or a Deed of Company Arrangement recommended by the Administrator in a timely manner.’
He added that ‘the Board of Directors regrets that these events have occurred and recognizes all Group employees for their hard work and contribution.’
Phoebe Burgess poses for a mirror selfie with a phone case from The Daily Edited
Alyce Tran (right) and Tania Liu (left) launched The Daily Edited in 2014 after meeting three years earlier while working at a law firm in Perth
Colette by Colette Hayman (pictured) went into administration in 2020 before being bought by former Myer CEO Bernie Brookes