Revolve acquires embattled Australian luxury brand Dion Lee
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U.S. e-commerce fashion giant Revolve Group has reportedly acquired the IP-related assets of Dion Lee, just months after the embattled Australian luxury brand announced plans to close after failing to attract a buyer. Dion Lee - Spring-Summer2024 - Womenswear - Etats-Unis - New York - © Launchmetrics
According to Australian media reports, the Los Angeles-based Revolve Group, which operates luxury multi-brand e-commerce platforms Revolve and Fwrd, has acquired the Sydney-founded brand's assets, for an disclosed amount, with one outlet reporting the sale figure to be less than $1 million.
Since last year, Antony Resnick, of the Australian insolvency firm DVT Group, has been on the hunt to find a saviour buyer for the now New York-based fashion brand, which filed for bankruptcy last May, following major investor Cue Clothing's withdrawal of its stake in the business. At the time of insolvency, the brand owed $35 million in total liabilities, including a $20 million loan from Cue Clothing.
According to media reports, administrators sold more than 40,000 Dion Lee items at a huge discount in the second half of 2024 to recoup $9 million of debt.
In November, Resnick announced a saviour buyer or investor could not be found and Dion Lee would close for good by year-end 2024. Dion Lee - Spring-Summer2024 - Womenswear - Etats-Unis - New York - © Launchmetrics
Now with Revolve's rescue, it is believed that designer Dion Lee will stay on as creative director of the brand.
Both Dion Lee and Revolve are yet to confirm the news.
Dion Lee founded his eponymous fashion brand in 2009. In 2013, Australian brand and retailer Cue acquired a major share in Dion Lee, and a year later, the brand showed as part of New York Fashion Week , where it had been a mainstay until the spring/summer 2024 season.
Earlier this month, Dion Lee-parent Revolve Group said first quarter sales rose 10% to $296.7 million, thanks to growth across all brand channels and geographies.
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