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Australian cosmetics brand Napoleon Perdis has been given a second chance by a superfan of the company Livia Wang (pictured).
Wang, a prominent personal shopper or 'daigou' legend for the Chinese market, and Henry Lee have saved Napoleon Perdis from liquidation.
Creditors voted to support Wang and Lee's bid yesterday afternoon, putting to rest this stressful period for the cosmetics company.
Administrator Simon Cathro from Worrells says the bid was the best option for the brand.
"The decision made by all creditors, including employees and unsecured creditors was made after reading the extensive report to creditors prepared by the Worrells administrators, which outlined all possible investigations and options available to creditors on voting on the company's future," says Cathro.
"Today marks a new future for the Napoleon Perdis Cosmetics story. The restructured company now sets a solid foundation for a profitable and sustainable business going forward. We are confident that Napoleon and Soula-Marie Perdis' continued creative expertise will ensure the brand continues to thrive and grow under the new ownership structure."
Wang, managing director of Access Brand Management, says she is excited for the future of the cosmetics company.
"The process of the company entering into voluntary administration has allowed the business to continue in existence under a reorganised business structure and with the creditors vote to accept this restructure, KUBA together with Napoleon and Soula-Marie Perdis can now move forward to continue an iconic Australian brand," says Wang.
"Also, we would like to thank key supporters of the business, Priceline and Terry White for their unwavering support shown during the process and willingness to continue to support the brand going forward."
Wang has made a name for herself as one of the top 'daigou' personalities in Australia. 'Daigou' is the process by which shopping agents buy goods for mainland Chinese overseas and export them into the country. Literally translated it means "buying on behalf of".
Speaking to the Sydney Morning Herald last week Wang said she was a big fan of the company and is excited to guide it forward.
"I am in love with the brand," says Wang.
"Napoleon Perdis is an iconic brand over 23 years. Like any entrepreneurial journey, there will be an upside and a downside - sometimes they will make bad decisions and be in trouble."
"We think they are ready to grow, they just need more cash flow to grow and we will do that."
Read more:
- Can investment deal salvage Napoleon Perdis survival?
- Napoleon Perdis closes half its stores
- Cosmetics empire Napoleon goes into administration
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