Napoleon Perdis enters voluntary administration

Australian makeup retailer Napoleon Perdis has fallen into voluntary administration, appointing administrators Simon Catho, Chris Cook and Ivan Glavas of Worrells Solvency Accountants.

The retailer’s directors have been trying to sell the business for several months, but hope to do so through the administration process, or that the brand will be restructured.

“The brand is still in high demand from our customers and is more innovative than ever, so by restructuring the business in this manner, we believe, puts it in a prime position to continue to evolve through continued trade or in a sale,” founder Napoleon Perdis said.

“My family and I are 100 per cent committed to achieving the best outcome for all stakeholders.”

The brand has been in business for 24 years, having seen its first store open in Sydney in 1995, and now boasts 56 stores across Australia. Administrators will continue trading all stores as usual, barring being closed on Thursday 31 January to record stock levels.

“The Napoleon Perdis brand is an iconic brand of Australia with substantial value and relevance within the cosmetic industry, for both Australian and international markets,” Administrator Simon Catho said.

“We expect the appointment will generate significant interest in the sale of the business.”

The first meeting of creditors will take place within eight days of the initial appointment, with a second meeting likely to occur within 20 to 30 business days. The second meeting will determine the future of the brand, according to the administrators.

Access exclusive analysis, locked news and reports with Inside Retail Weekly. Subscribe today and get our premium print publication delivered to your door every week.

Comments

1 comment

  1. Avatar

    Don Gilbert posted on February 4, 2019

    Are they going to include having their leases re-evaluated? Is there anyone intelligent enough to do this properly? reply

Comment Manually

I have read and agree to the Terms and Conditions and Privacy Policy.

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Inside Retail Polls

What will most disrupt the traditional checkout counter in the next 10 years?
Vote

Twitter

.@Wesfarmers to purchase @catch_au for $230 million, with @Kmart_Australia and @Targetaus to benefit from the marke… https://t.co/RNsoNC7H0R

6 days ago

Australian brand house #Gazal acquired by @PVHcorp in order to have greater control over its brands, such as… https://t.co/lHAdi7mKmg

2 weeks ago

Two thirds of Aussies are looking for discounts online says @PayPalAU, while retailers seek to slow price markdowns… https://t.co/54hjxgpGax

3 weeks ago
x

SUBSCRIBE
FREE NEWS BRIEFS Get breaking news delivered