Napoleon’s empire enters voluntary administration

Athina, Alexia and Angelene Perdis, Priceline general manager Tamalin Morton, Napoleon and Lianna Perdis, Priceline CEO Richard Vincent and Soula-Marie Perdis arrive at a media event celebrating the makeup brand's partnership with Priceline in September 2018

Six months after Napoleon Perdis’s shock move into Priceline Pharmacies, the eponymously-named makeup brand has gone into voluntary administration.

The company, started by the flamboyant makeup artist in Sydney 24 years ago, appointed administrators, Simon Cathro, Chris Cook, and Ivan Glavas of Worrells Solvency Accountants, this morning.

The company’s 56 stores across Australia have been closed for a stocktake today but are scheduled to re-open tomorrow with “an expected sale campaign”.

In a statement, the administrators revealed that Napoleon Perdis directors have been trying to sell the business for several months.

They said their immediate plan for the business, which is owned by Napoleon, his wife Soula-Marie Perdis and his brother Emanuel Perdis, was to see whether it can be restructured or if a buyer can be found “while the business continues to trade”.

Napoleon said he, and his family, were 100 percent committed to achieving the best outcome for all stakeholders.

“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,” he said.

“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.

“Their unwavering contribution will undoubtedly pave the way for the successful and strategic trade on.

“As we work towards our goals, we ask customers, suppliers and other interested parties to continue with their valued support of the brand.”

The administrators said that Napoleon Perdis was an iconic brand with “substantial value and relevance within the cosmetic industry” locally and internationally.

“Our understanding of the brand and its businesses has only strengthened our assessment of its potential business performance and profitability,” said Cathro.

“The Napoleon Perdis brand touts pioneer achievements and accolades, which encompasses spearheading industry benchmarks as an educator, trailblazer, and award-winners.

“Its agility in evolving with a burgeoning movement that demands more organic ingredients and consciousness to animal cruelty and environmental impacts is an enviable competitive edge that will attract many prospective investors/buyers.”

Napoleon Perdis opened its first concept store in Sydney in 1995 and gradually expanded around Australia before expanding to the US where it traded for a decade before pulling out of the market in 2015.

Since then the company has been plagued by rumours about its financial status in the beauty industry.

The rumours peaked in August last year when Napoleon Perdis closed stores around the country, pulled out of David Jones and moved into over 200 Priceline stores.

At the time the company celebrated the move and Napoleon Perdis marketing and communications director Peter Sintras said the partnership with Priceline would “usher in an electrifying new era for beauty in Australia”.

“The unprecedented union [between the mass market retailer and a prestige beauty brand] is bound to set off a seismic chain reaction amongst industry peers but the real winner in this game-changing partnership is the Australian beauty consumer,” he said.

Prior to the move into Priceline, the brand was available at 442 stockists – Napoleon Perdis concept stores, Myer, partner accounts (including 149 beauty salons) and David Jones.

Priceline has vouched its support of the business during the administration process.

 

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