After threats of a court stoush worth hundreds of thousands of dollars, the co-founders of The Daily Edited have settled out of court, with Alyce Tran selling her share of the business to Tania Liu for an undisclosed sum.
According to SMH, Tran said she had wanted to sell out of the business for a long time, and finished up with the luxury accessories brand on Tuesday.
“I have given a lot to this business in terms of my time and life and ideas – with product, I have left no stone unturned in terms of the range,” Tran said.
Liu confirmed she has dropped the litigation efforts between herself and Tran, as well as The Daily Edited and Tran, and that for the time being it will be “business as usual”.
“[I’m looking forward to] sharing my future vision for the business [and] continuing [its] growth both locally and internationally in the year’s ahead,” Liu said, according to SMH.
The legal case was brought on after Liu discovered Tran had allegedly been using The Daily Edited’s capital to pay for her personal expenses – such as a $27,000 birthday party or a $30,000 job fixing her roof.
A number of expenses also seemed to be related to Tran’s side business In The Roundhouse, with Liu alleging Tran used TDE funds to pay for marketing and event expenses, as well as using TDE staff, to help boost her own business, before attempting to conceal them.
Moving forward, Tran will continue to focus on In The Roundhouse, while potentially launching new businesses in the fashion and beauty space.