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Business

The retailer that bought luxury fashion startup The Daily Edited from voluntary administrators 15 months ago went into VA today

- April 4, 2024 2 MIN READ
The Daily Edited
Monogramed luxury fashion startup The Daily Edited (tde.) is back in voluntary administration, just 15 months after the brand was sold to former Myer boss Bernie Brookes.

Marquee Retail Group (MRG), which scored tde.’s flagship store in Sydney’s Queen Victoria Building, when it bought the 10-year-old business in December 2022, handed the books to administrators Mackay Goodwin today, blaming a slowdown in sales over the Christmas shopping season.

MRG also owns Colette by Colette Hayman, an affordable handbag, jewellery and fashion accessories chain. Brookes took over that buiness in September 2020 after it fell into into voluntary administration under Sydney entrepreneur Colette Hayman.

The former Myer CEO and chair of MRG said when he took on tde. that Colette had seen a 300% increase in turnover in retail store sales despite Covid, but now says “an unplanned downturn in sales from October 2023 to March 2024” blamed on rising inflation and increased interest rates, was compounded by and ongoing debt arrangement with the ATO, which dates from a Covid-induced drop in sales.

“The Board of Directors regret that these events have come to pass and acknowledge all the Group’s employees for their hard work and contribution,” Brookes said.

“For our customers, everything will remain consistent as our stores continue to operate and receive regular stock. As for our staff, their routine remains unchanged until the Administrator decides upon an outcome and a way forward.”

MRG aims to keep all stores open, with no plans to reduce staff numbers at this stage.

 “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,” he said.

“We hope to work with all parties to ensure an outcome, either with a sale or a Deed of Company arrangement recommended in time by the Administrator.”

tde., which sells monogrammed leather products such as diaries, bags, phone cases, wallets and key rings, was founded in 2014 by Perth-based former lawyers Alyce Tran and Tania Liu. It was a glamour fashion startup in the second half of the decade , but the cofounders subsequently fell out, resulting in legal action in 2019 before the matter ended in abruptly in May 2021 when Tran sold her 50% stake to Liu for an undisclosed sum. By September 2022, the business was in voluntary liquidation.

At its height, tde. was valued at nearly $14 million when the cofounders sold a stake to fashion brand Oroton in 2017 for $4.5 million, then bought it back for $2.2 million two years later.