Australian fashion label and celebrity favourite Dion Lee will be wound up after the company failed to attract a buyer.
Administrators dVT Group partners Antony Resnick and Henry Kwok were at the time hopeful the brand’s prestige would bring in local and international interest.
However, after months of searching for a new buyer, the decision was made to wind up the 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 A$3 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.
Staff will be notified of any changes.
The administrators said some have already reached out about outstanding superannuation, annual leave and long service leave.
The troubled brand is running a sale of up to 80 per cent as it tries to recoup its loss.
The brand was created by its namesake founder Dion Lee when he was just 23-years-old in 2009.
From his humble beginnings showcasing his line at Australian Fashion Week, he grew to have stores across the globe.
His clothes have been worn by A-listers like Taylor Swift, Kylie Minogue and the Duchess of Sussex Meghan Markle.
Items start at a few hundred dollars and go into the thousands.
Dion Lee was last assessing its options in relation to its business in the United States.
