Napoleon Perdis has long been seen as one of the most successful Australian beauty brands, but today, it looks as if the business is crumbling.
The cult make-up chain’s 56 Australian stores are now closed for stocktake and Simon Cathro, Chris Cook and Ivan Glavas of Worrells Solvency Accountants have been appointed as administrators.
Stores will open again tomorrow with a sale expected.
The company began in 1992 when Napoleon Perdis started his own studio in Sydney’s inner west. The range then expanded into the US, where it enjoyed success. In a statement today, Perdis said “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.’’
He continued to say “My family and I are 100 per cent 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.
“Their unwavering contribution will undoubtedly pave the way for the successful and strategic trade on. As we work towards our goals, we ask customers, suppliers and other interested parties to continue with their valued support of the brand.”
The administrators intend to seek buyers/investors through