Australian designer brand Dion Lee, favoured by stars including Taylor Swift and Dua Lipa and modelled by Madonna’s daughter Lourdes, has gone into voluntary administration.
Founded in Sydney in 2009 by its eponymous creative director, the fashion retailer was forced to take drastic action after Cue Clothing Co. withdrew its partnership, taking its investment dollars with it.
Dion Lee, which describes its aesthetic as “technical with an intelligent sensuality” operates six stores in Australia and one in Miami which opened in December.
According to its website, its clothes are sold in more than 40 of the world’s most exclusive retailers including Net-A-Porter, Selfridges and Lane Crawford.
Dion Lee has presented collections in London and New York, with Cue Clothing Co. acquiring a shareholding stake in Dion Lee in 2013.
Anthony Resnick, from voluntary administrator dVT Group, told The Australian that the administration process was in its early stages and a full creditors report was being prepared. A creditors meeting will be held in the coming weeks.
“The Dion Lee brand is one of a handful of Australian fashion brands that has been able to break into international markets in recent years and there is no doubt as to the high creative regard in which it is held,” Mr Resnick said.
Taylor Swift boosted the brand’s global profile when she wore one of its corsets to this year’s Super Bowl in the US.
Dion Lee is also favoured by numerous other fashion influencers.
The business is expected to keep trading while the administrators look into its finances.