Colette by Colette Hayman falls into voluntary administration: what now?
Another Australian retail chain bites the dust. Find out why Colette by Colette Hayman just entered voluntary administration.
Now the jewellery and accessories market has been hit, as we say goodbye and farewell to Colette by Colette Hayman.
A few days ago, the fashion retailer was put in the hands of Deloitte administrators Vaughan Strawbridge, Sam Marsden and Jason Tracy.
Mr Strawbridge said in a statement:
"Colette By Colette Hayman has, unfortunately, been impacted by the current weak retail environment, as have many others...Our focus is on continuing to trade the business while we seek either a recapitalisation of the group or a sale of the business."
At this stage, Colette by Colette Hayman carries 140 stores and over 300 staff members. While there's a strong focus on either recapitalising or selling the business, it's said that staff will continue to be paid by the administrators and gift cards will be honoured.
Mr Strawbridge is confident there will be interest from potential buyers. He said: "Given the strength of the brand we are confident we will be able to secure a future for the business and preserve the employment of as many people as possible."
Will the brand still exist in the Australian market? Nothing's for sure just yet, it's just a waiting game.
Colette by Colette Hayman was founded by businesswoman Colette Hayman in 2010. She is the former owner of Australian jewellery chain Diva, so she had some experience in the accessories department.
The retailer currently stocks a range of handbags, jewellery and other accessories, marketed towards the younger generation. There's been a slight growth in the brand's Instagram presence, thanks to the use of influencer campaigns.
Unfortunately, we don't think this will be the last retail collapse of the year. So... which Australian retail store will be hit next?