The directors of Napoleon Perdis Group today appointed Simon Cathro, Chris Cook, and Ivan Glavas of Worrells Solvency Accountants as voluntary administrators.
While the company emphasises its 56 stores in Australia are continuing to trade, they will be closed for a stocktake today and re-open tomorrow wth a sales campaign expected.
"The brand is still in high demand from our customers and is more innovative than ever, so by restructuring the business in this manner, we believe, puts it in a prime position to continue to evolve through continued trade or in a sale," says founder Napoleon Perdis (pictured), who opened the first concept store in Sydney in 1995.
"My family and I are 100% committed to achieving the best outcome for all stakeholders. We are fortunate that throughout our business, we have staff and teams who have not only underpinned the business success, but who are our extended family," he says.
Priceline, which has an exclusive agreement with the group and launched Napoleon Perdis products in 200 stores last August, has vowed its support of the business during the administration process.
Worrells claims it will continue to trade all stores as usual and will undertake daily assessments throughout the administration process.
The administrators highlight establishing the financial position is a critical and complex process given Napoleon Perdis' extensive business structure, distribution network, stockist agreements, and personnel.
Worrells are also looking for buyers or investors through a sale of business process, to be assissted by key team members from the retailer.
Simon Cathro describes the retailer as an iconic Australian brand with substantial value and relevance within the cosmetic industry, both for Australian and international markets.
"Our understanding of the brand and its businesses has only strengthened our assessment of its potential business performance and profitability," he says.
"We expect the appointment will generate significant interest in the sale of the business. The Napoleon Perdis brand touts pioneer achievements and accolades, which encompasses spearheading industry benchmarks as an educator, trailblazer, and awardwinners."
Cathro adds Napoleon Perdis is one of the very few cosmetic brands that do not test on animals.
"Its agility in evolving with a burgeoning movement that demands more organic ingredients and consciousness to animal cruelty and environmental impactsis an enviable competitive edge that will attract many prospective investors/buyers," he says.
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