Could this be the end for Napoleon Perdis?
Image: Instagram user napoleonperdis
One of Australia's favourite beauty brands, Napoleon Perdis, has collapsed. The owner of the eponymous brand is in the process of liquidating the company.
It seems like the Australian retail landscape is becoming an increasingly tough market. It was announced today that Napoleon Perdis, owner of the Napoleon Perdis cosmetics brand, will be selling off his company amid some serious financial woes.
On Thursday morning, the Napoleon Perdis brand entered administration, appointing Worrells Solvency and Forensic Accountants as the administrators. And according to The SMH, the company closed all stores while Napoleon Perdis retail staff conducted an audit of all available and remaining stock. It's believed that Napoleon Perdis stores will reopen on Friday 1 February.
The SMH alleges that Worrells partner Simon Cathro is looking for potential buyers. What these buyers will do with the company is not known – which is bad news for the company's thousands of employees.
As of today, Napoleon Perdis has 56 stores within Australia, plus cosmetics concession counters in selected Myer stores. In addition, the brand offers a Napoleon Perdis diffusion line to Australian customers sold within selected Priceline stores. Napoleon Perdis is also available through a number of international retailers like Bergdorf Goodman, Neiman Marcus and Nordstrom. The future of the company is unsure at this stage.
This will not come as news to anyone following the financials of the brand. Napoleon Perdis has been in financial strife for a few years now with a $1.6 million loss reported in 2014 and a $154,808 loss reported in 2015.
This is just one of many Australian brands to face serious trouble or to close completely within the last few years. Aussie brands like SurfStitch and Oroton have each felt the pain of Australian retail and entered voluntary administration over the last two years. But luckily, both brands managed to survive. Although other brands like Lover and Roger David appear to have been less fortunate.
Let's hope this is not the end for Napoleon Perdis. You can check out the brand's online offering here or see what fun pieces are available at Priceline.