Just like me in today’s 29-degree winter heatwave, Australian designer fashion label Dion Lee has collapsed and will no longer be serving stunning looks.
The collapse into liquidation comes after the brand owed $35 million to its creditors, and had “no acceptable” financial partner swoop in to save them. Which again is super relatable, as I have no sugar daddy/mommy to save me from my debt (HECS is killer).
The celebrity-beloved fashion brand that was founded by Sydney-raised Dion Lee — who now lives in New York — entered voluntary administration in May this year when a business partnership worth $20 million fell through.
After three months of trying to find a way to save the label, the appointed administrator recommended the company should call it a day.
“While there had been interest from potential buyers of the brand, no acceptable offer was as yet forthcoming,” read a statement from Dion Lee’s administrators.
Dion Lee has 160 stores around the world, with six based in Australia, which are now all expected to close up shop in late September or early October.
Despite raking in as much as $3 million during the administration period through 80 per cent sales on the designer fashion products, the administrators could not find enough extra cash to salvage the brand.
As the 15-year-old brand spends its last month alive, these sales will continue online.
Lee, 38, who founded the brand in 2009 after graduating from TAFE NSW Fashion Design Studio, has not yet made a public statement about the closure of his highly-awarded fashion label.
Lee’s brand has been worn by big names like Taylor Swift, Dua Lipa, and Ice Spice, and opened at Australia’s Fashion Week in 2017. He has been a darling of the Australian fashion scene, and was a major success story who has presented at events around the globe.
Dion Lee now joins other designer labels like Harlow, Aensdorf, Nique, Mara Hoffman, and The Vampire’s Wife to take a break or close down entirely since the COVID-19 pandemic.
[Image: Getty/Dion Lee]
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