Australia’s Dion Lee to wind up on failure to find buyer

Dion Lee is set to wind up after the Australian luxury brand failed to attract a buyer, three months after entering voluntary administration, with major investor Cue withdrawing its stake in the business.

Since May, Antony Resnick of the Australian insolvency firm DVT Group has been on the hunt to find a saviour buyer for the Sydney-founded fashion brand.

However, after months of searching for a new buyer, the decision was made to wind up the now New York-headquartered 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 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, It was last assessing its options in relation to its business in the United States. 

Dion Lee founded his eponymous fashion brand in 2009. In 2013, Australian brand and retailer Cue acquired a major share in Dion Lee, and a year later, the brand showed as part of New York Fashion Week, where it has been a mainstay ever since.

Dion Lee currently operates one store in the U.S., located in Miami, which opened last December, and six stores in Australia, including a flagship in Melbourne that launched at the end of last year.

In December, the brand appointed James Miller to the role of chief executive officer.