Cue Clothing, parent of women’s fashion labels Cue and Veronika Maine, has been sold to British asset manager Hilco Capital for an undisclosed amount.
Cue Clothing CEO Simon Schofield will depart the business in August as part of the deal, according to the Australian Financial Review. Melanie Levis, an executive director of Cue and daughter of company founder Rod Levis, already left.
The company told its staff the transaction had been planned to help support its growth ambitions.
A Hilco spokesperson confirmed the Cue and Veronika Maine brands had been sold to the British firm for an undisclosed sum.
“Hilco has significant international retail experience and will continue to support and invest in these much-love brands,” the spokesperson added.
The news came after the AFR revealed that former executive director Justin Levis was suing his parents over their succession plans for Cue. Staff were this week told that the business would run “as usual”.
Cue Clothing also owned a majority stake in designer label Dion Lee, which fell into administration last year.
A source with knowledge of the matter told Inside Retail that “there may be some additional announcements in the coming weeks”.
Hilco Capital is a British financial investment and restructuring advisory company, operating in the UK, Western Europe, Canada and Australia.
