Australian makeup mogul Napoleon Pedris goes into voluntary administration
The Australian makeup giant went into voluntary administration on January 31, after years of financial troubles
The cult makeup chain has shut 56 of its Australian stores for stocktake on Thursday, after going into involuntary administration.
While the stores will re-open on Febuary 1, the Australian makeup giant said they have been trying to sell for some time.
In a statement, company directors said they had been trying to find a buyer for the makeup chain for several months but failed.
‘My family and I are 100% committed to achieving the best outcome for all stakeholders. We are fortunate that throughout our business, we have staff and teams who have not only underpinned the business success, but who are our extended family.’ Said Napoleon Pedris.
The Napoleon Perdis Group has had an exclusive agreement with Australia’s leading beauty retailer, Priceline, who have vouched its support of the business during the administration process.
Since launching in 1995, the company quickly expanded into Australian department stores, and launched in the US where it operated for more than a decade.
This comes in light of Australia’s slowing retail sector, with sales growth showing significant falls in the September quarter.
Simon Cathro, Chris Cook and Ivan Glavas of Worrells Solvency Accountants have been appointed as administrators and will now consider a restructure if they can’t find a suitable buyer.
Mr Cathro said, ‘The Napoleon Perdis brand is an iconic brand of Australia with substantial value and relevance within the cosmetic industry, both for Australian and international markets. Our understanding of the brand and its businesses has only strengthened our assessment of its potential business performance and profitability’.
Worrells said they will continue to trade all stores as usual, with close monitoring.
The voluntary administration process will involve several meetings to determine the future of the Napoleon Perdis brand.
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