Makeup icon facing shock collapse
MAKEUP mogul Napolean Perdis' company has appointed administrators after failing to find a buyer for several months.
The Napoleon Perdis brand has a 24-year trading history and has 56 stores nationally, including several in Queensland.
The first concept store in Sydney opened in 1995 and its brand retail presence extended overseas, predominantly in the US for over a decade.
According to administrators, Worrells Solvency Accountants, all of the company's stores will remain closed for stocktake today and reopen tomorrow.
"The Napoleon Perdis directors have been trying to sell the business for several months," a statement from Worrells said.
"The current plan for the administration process is to see whether the business can be restructured through the process or a buyer is found while the business continues to trade."
Mr Perdis said he and his family were "committed to achieving the best outcome for all stakeholders".
"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 said.
"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.
"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 Napoleon Perdis Group has an exclusive agreement with Australia's leading beauty destination, Priceline, who have vouched its support of the business during the administration process.
Napoleon Perdis launched in over 200 Priceline stores from August 2018.
Worrells will continue to trade all stores as usual and will undertake daily assessments of the stores throughout the administration process.
Worrells intend to seek buyers or investors through a sale of business process and key Napoleon Perdis team members will assist Worrells with this process.
Worrells partner Simon 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."
"We expect the appointment will generate significant interest in the sale of the business. The Napoleon Perdis brand touts pioneer achievements and accolades, which encompasses spearheading industry benchmarks as an educator, trailblazer, and award-winners. Its agility in evolving with a burgeoning movement that demands more organic ingredients and consciousness to animal cruelty and environmental impacts-is an enviable competitive edge that will attract many prospective investors/buyers."
"It is one of the very few cosmetic brands that do not test on animals and remains a much-loved household name in Australia."