Retailer rescued by Hotsprings
The business, which employs approximately 25 people across two stores in Sydney and an e-commerce website, went into administration last month with Ferrier Hodgson partners Morgan Kelly and Ryan Eagle appointed to seek a buyer.
Hotsprings today announced Lover will now join its stable of Australian fashion brands, which includes P.E. Nation, Rebecca Vallance, Cooper St Clothing and Jasmine and Will.
Under the deal Lover co-Founders Nic Briand and Susien Chong will be responsible for design and creative direction, reporting to Hotsprings chief executive officer Joanne Goldman.
Briand and Chong, together with all staff from the original Lover team will relocate to Hotsprings’ headquarters in Alexandria in early 2018.
Lover’s Strand Arcade store will be maintained with a plan to open additional retail stores and invest in on-line and e-commerce platforms, as well as growing the brand’s overseas footprint through Hotspings’ extensive international distribution network.
“We are excited to acquire Lover and work alongside Nic Briand and Susien Chong, two leading creative talents,” said Goldman.
“Lover is an established iconic label with a signature aesthetic and strong brand following. Our entrepreneurial culture and supply chain expertise will give Lover the platform to accelerate its domestic and international growth.”
Nic Briand, co-founder of Lover, said “with the business strength and acumen of Hotsprings” that the company will now be able to “fully realise the brand’s potential.”
“We would like to thank our staff, creditors and customers for the patience and support they have shown us throughout this period, allowing us to achieve this positive outcome,” he said.
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