Marquee Retail Group, which owns Colette and The Daily Edited, has collapsed into administration, citing an unexpected sales decline since October.
The company’s board of directors has appointed Domenic Calabretta, Mitchell Ball, and Richard Lawrence of Mackay Goodwin as voluntary administrators.
Marquee said its unplanned downturn in sales from October 2023 to March 2024 was a result of rising inflation and interest rates. That was compounded by ongoing debt arrangement with the ATO, which dates from the Covid-19-induced drop in sales.
The firm will remain business as usual and aims to keep all stores open, with no plans to lay off staff at this stage. It is working towards a Deed of Company Arrangement and exploring the potential sale of the business as part of strategic options.
“Our decision today is about securing the future of the Marquee Retail Group and its employees, while emerging on the other side of Voluntary Administration,” said chairman of the board Bernie Brookes.
Marquee acquired fashion accessories and jewellery brand Colette by Colette Hayman in September 2020 and luxury fashion and accessories label The Daily Edited in December 2022.
During an interview with Inside Retail last year, Brookes said he was planning to expand both brands as well as look for acquisitions to fit under the Marquee Retail Group umbrella.
