Napoleon Perdis’ stores and staff saved in new deal
NAPOLEAN Perdis' stores and staff have been saved in new deal that will ensure the celebrity make-up artist's brand will continue to trade in Australia.
In a meeting with creditors of Napoleon Perdis Cosmetics today, a Deed of Company Arrangement (DOCA) from KUBA Investments Pty Ltd (KUBA), was accepted.
KUBA is run by Australia's official 'Daigou Queen', Livia Wang, and former Witchery and Marcs executive Henry Lee.
Ms Wang's company will now take over the management and operation of the company, meaning the 28 remaining Napoleon Perdis stores will remain open for business.
The company's 250 staff will be retained and consumers will be able buy Napoleon Perdis products from more than 700 outlets.
In a statement today, Ms Wang described it as "tremendous news".
"We are happy that this brand will remain in Australian hands and we will continue to build iconic brand and turning it into a global player," she said.
Under the new arrangement, all shares held by Napoleon Perdis, his wife Soula-Marie Perdis and his younger brother Emanual Perdis will be transferred to KUBA.
Napoleon Perdis will also continue on at the company as Chief Creative Officer and his wife Soula-Marie will continue to be the company's Product Development Consultant.
"I am delighted that Henry Lee, who has extensive retail experience will become the Chief Executive Officer of Napoleon Perdis Cosmetics," Ms Wang said.
"Henry and I have studied this business over the last three months, and we are excited to be working with Napoleon and Soula-Marie to leverage off their knowledge and creativity and to drive the business forward."
Over the last few months, Perdis has opened up about the downfall of his empire and the toll it has taken on him and his family, as administrators fought to save the brand.
In an interview with The Morning Show in February, he said it was "hard to sleep" amid the turmoil.
"My customer wants to see me strong and fighting," Perdis said.
"I want this brand to be around for the next hundred years.
"It's hard to not have my children around me. I'm not going to pull them out of school for this."
The brand appointed independent administrators Simon Cathro, Chris Cook and Ivan Glavas of Worrells Solvency Accountants to sort out the company's financial issues.
After the company went into administration, 28 stores across NSW, Victoria, Queensland, the ACT, South Australia and Western Australia were shut down.