Revolve acquires embattled Australian luxury brand Dion Lee
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.
See catwalk
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 undisclosed 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.
See catwalk
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.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Euronews
5 hours ago
- Euronews
'Invest in defence now or start learning Russian later'
The US administration has appointed Lt. Gen. Alexus G. Grynkewich as both the next top US general in Europe as well as the SACEUR. The appointment by Trump will be especially welcomed following media reports in recent months that the US was considering relinquishing the role of SACUER which has always been appointed by a US president to NATO. "It's a very important decision and there is relief from NATO's point of view as it's a positive sign of American engagement and staffing," a US-based source familiar with the issue told Euronews. US Army General Dwight D. Eisenhower was NATO's first SACEUR in 1951, and the role has remained with the US ever since. 'Upon completion of national confirmation processes, Grynkewich will take up his appointment as the successor to General Christopher G. Cavoli, United States Army, at a change of command ceremony at the Supreme Headquarters Allied Powers Europe in Mons, Belgium, expected in the summer of 2025,' a statement from NATO read. New targets in defence spending adopted Meanwhile, NATO defence ministers agreed to a significant surge in defence capability targets for each country, as well as moving to spending 5% of GDP on defence. They've agreed that 3.5% of GDP would be used for 'core defence spending' - such as heavy weapons, tanks, air defence. Meanwhile 1.5% of GDP per year will be spent on defence- and security-related areas such as infrastructure, surveillance, and cyber. However, the full list of flexibility has not yet been negotiated. 'These targets describe exactly what capabilities Allies need to invest in over the coming years,' NATO Secretary General Mark Rutte told journalists. The US has been pushing NATO allies to dramatically increase spending, and expects to see 'credible progress' immediately, according to US Ambassador to NATO Mathew Whitaker. 'The threats facing NATO are growing and our adversaries are certainly not waiting for us to re-arm or be ready for them to make the first move," 'We would prefer our Allies move out urgently on reaching the 5%,' he told journalists in a briefing on the margins of the meetings. Ambassador Whitaker also said the US is 'counting on Europe' to the lead in providing Ukraine with the 'resources necessary to reach a durable peace' on the continent. Mark Rutte reiterated NATO's recent warnings that Russia could strike NATO territory within the next couple of years. 'If we don't act now, the next three years, we are fine, but we have to start now, because otherwise, from three, four or five years from now, we are really under threat," he said, adding: "I really mean this. Then you have to get your Russian language course out, or go to New Zealand.' 'It's good to have continuity about the US in NATO, but with Ukraine it's a different story. I just don't think Trump really cares about Ukraine," the US-based source told Euronews. 'Trump just doesn't care about Europe – it doesn't make him richer or help him politically,' the source said. Referring to the forthcoming NATO summit taking place next month in The Hague, the source said the presence of Ukraine at the summit "will likely be scaled back", since the US will say, "they're not members' so they don't need to be there".
Fashion Network
5 hours ago
- Fashion Network
G-III Apparel Q1 results
G-III Apparel announced on Friday a 4% decline in sales to $583.6 million in the first quarter, hurt by the U.S. fashion firm's returning of its Calvin Klein and Tommy Hilfiger licenses to parent PVH Corp. However, the New York-based company reported double-digit growth of its key owned brands, namely DKNY, Karl Lagerfeld and Donna Karan, which helped net income for the quarter ended April 30 rise to $7.8 million, or $0.17 per diluted share, compared to $5.8 million, or $0.12 per diluted share. "'G-III delivered solid first quarter results, marked by earnings that exceeded the high end of results underscore the strong demand and desirability of our brand portfolio and are a testament to our team's outstanding execution," said Morris Goldfarb, G-III's chairman and chief executive officer. Looking ahead, the fashion firm withdrew its full-year earnings forecast due to the uncertainty around U.S. tariffs and related macroeconomic conditions. The company expects the unmitigated cost of tariffs on goods imported into the U.S. will accrue additional expenses of approximately $135 million, which is expected to mostly affect the second half of the year. "We are reaffirming our net sales guidance for fiscal 2026 and working diligently to mitigate the impact of tariffs. Our experienced management team has a proven track record of successfully navigating periods of uncertainty, and we view the ongoing disruptions as an opportunity to strengthen our competitive position and capture incremental market share. As we advance our strategic priorities, we have never been more confident in the global resonance of our brands and the significant growth potential ahead to drive long-term profitability and shareholder value," concluded Goldfarb. G-III Apparel owns DKNY, Karl Lagerfeld, Donna Karan, G.H. Bass and Vilebrequin brands, and licenses over 20 brands including Nautica, Halston, Converse, BCBG and National Sports leagues, among others.
Fashion Network
8 hours ago
- Fashion Network
G-III Apparel Q1 results
G-III Apparel announced on Friday a 4% decline in sales to $583.6 million in the first quarter, hurt by the U.S. fashion firm's returning of its Calvin Klein and licenses to parent PVH Corp. However, the New York-based company reported double-digit growth of its key owned brands, namely DKNY, Karl Lagerfeld and Donna Karan, which helped net income for the quarter ended April 30 rise to $7.8 million, or $0.17 per diluted share, compared to $5.8 million, or $0.12 per diluted share. "'G-III delivered solid first quarter results, marked by earnings that exceeded the high end of results underscore the strong demand and desirability of our brand portfolio and are a testament to our team's outstanding execution," said Morris Goldfarb, G-III's chairman and chief executive officer. Looking ahead, the fashion firm withdrew its full-year earnings forecast due to the uncertainty around U.S. tariffs and related macroeconomic conditions. The company expects the unmitigated cost of tariffs on goods imported into the U.S. will accrue additional expenses of approximately $135 million, which is expected to mostly affect the second half of the year. "We are reaffirming our net sales guidance for fiscal 2026 and working diligently to mitigate the impact of tariffs. Our experienced management team has a proven track record of successfully navigating periods of uncertainty, and we view the ongoing disruptions as an opportunity to strengthen our competitive position and capture incremental market share. As we advance our strategic priorities, we have never been more confident in the global resonance of our brands and the significant growth potential ahead to drive long-term profitability and shareholder value," concluded Goldfarb. G-III Apparel owns DKNY, Karl Lagerfeld, Donna Karan, G.H. Bass and Vilebrequin brands, and licenses over 20 brands including Nautica, Halston, Converse, BCBG and National Sports leagues, among others.
