- Australian franchise Dion Lee goes bankrupt
- Major partnership deal cancelled
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Celebrity-favorite Australian fashion brand Dion Lee has been left $35 million in debt to creditors after the company went bankrupt.
The luxury line was favored by international superstars including Taylor Swift and Dua Lipa and entered voluntary administration in May after a partnership deal fell through.
On Thursday evening, creditors decided to liquidate the company after failing to receive “acceptable” offers to acquire the brand.
The shops are closed at the end of September and the beginning of October.
Antony Resnick, trustee at insolvency firm dVT Group, was appointed as manager of the brand.
“During the second creditors’ meeting it was learned that there was interest from potential buyers of the brand, but that no acceptable offer had yet been made,” the liquidators said in a statement to news.com.au.
Major clothing brand Cue Clothing Co has reportedly terminated its partnership agreement with Dion Lee and also cancelled its investment in the company, according to The Australian.
Cue Clothing Co first became a partner of Dion Lee more than ten years ago and the company was also a shareholder in the venture.
The Australian franchise of fashion label Dion Lee has gone bust after a major collaboration deal fell through (pop star Taylor Swift wore a Dion Lee Crochet Corset Top to the SuperBowl in February)
On Thursday night, creditors decided to liquidate the company after failing to receive any ‘acceptable’ offers to acquire the brand (pictured are Australian superstars Kylie and Dannii Minogue with Dion Lee as they performed at the opening concert of Sydney’s World Pride in 2024)
Daily Mail Australia has contacted Dion Lee for comment.
The company recently gained new notoriety after pop star Taylor Swift wore a $650 Dion Lee Crochet Corset Top to the Super Bowl while cheering on her boyfriend Travis Kelce.
The clothing brand was founded in 2009 by the eponymous designer Dion Lee.
Shops are closed in late September and early October (pictured is internet and TV personality Tully Smyth in Dion Lee on the catwalk at the Melbourne Fashion Festival in March)
The clothing brand was founded in 2009 by Australian fashion designer Dion Lee (pictured)
Since then, the company has grown exponentially, with six outlets in Australia and 160 stores worldwide, including a store in the US which opened in December last year.
Lee, 38, has also collaborated with Kanye West on a shoe collection and has designed clothes worn by pop star Dua Lipa.
Some accessories cost as much as $A990.