Administrators and Kuba will now move to sign the Deed of Company Arrangement (DOCA) to hand control of the business to the private investment company.
“Today marks a new chapter for the Napoleon Perdis Cosmetics story,” Worrells administrator Simon Cathro said.
“The restructured company now sets a solid foundation for a profitable and sustainable business going forward. We are confident that Napoleon and Soula–Marie Perdis’ continued creative expertise will ensure the brand continues to thrive and grow under the new ownership structure.”
The founder will continue to bring his creative expertise to the business and remain a part of the brand moving forward, according to a previous statement from Worrells.
China marketing expert Livia Wang, who represented Kuba at the creditors’ meeting, said the voluntary administration process enabled Napoleon Perdis to continue trading, albeit under new leadership.
“Kuba together with Napoleon and Soula-Merie Perdis can now move forward to continue an iconic Australian brand,” Wang said.
“Also, we would like to thank key supporters of the business, Priceline and Terry White for their unwavering support shown during the process and willingness to continue to support the brand going forward.”
Kuba has indicated it will retain more than 250 existing staff members, though it is unclear how many stores will remain open under the investment firm’s leadership.
The business closed 28 stores a week after it first entered administration, which were deemed “unnecessary” by the administrators.
Perdis previously told Inside Retail that “selfish landlords” who kept rents high were to blame for his brand’s struggles.
“That’s unfair, and is something that needs to be balanced out,” Perdis said.
“Once [landlords] readjust and they learn that it can’t just all be their way things will start to balance out… I’m sure there are sectors of the economy still doing really well, but as far as retail, which is the first indication in what’s going to happen in property and disposable income, that has had headwinds for a while, and it’s getting worse and not easier.”
Perdis previously said he wanted the business to become a leaner, mobile-first operation.