After three months of searching for a buyer, the troubled business, once the pinnacle of Australian fashion, will close permanently.
Designer label Dion Lee will exit the Australian fashion scene after the troubled company failed to find a buyer.
“While there had been interest from potential buyers of the brand, no acceptable offer was as yet forthcoming,” said a statement from administrators. In June, there were reports that an interested buyer was circling, and had submitted a letter of intent, however, based on the second creditors’ report and the wind-up order, no buyer eventuated.
“Unfortunately, we are in an industry that is about mass production, copying and no independent design. So it’s very sad.”the company had no choice but to pull its investment: “It was not making the profits it needed to make. It’s been difficult to manage both businesses for many years,” Levis said. Still, he told the masthead that Lee had a “huge future. Given his talent and ability, he needs a lot more finance behind his brand.
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