After 24 years as the very public face of the cosmetic empire he founded, Napoleon Perdis has officially ‘left the building’.
According to the Australian Financial Review, Napoleon “has been forced to cut ties” with his cosmetics empire just two months after it was saved from collapse by ‘daigou queen’ Livia Wang and former Witchery executive Henry Lee.
The newspaper reports that Kuba Investments (owned by Wang and Lee) told staff last week that the company had severed its relations with Napoleon and his wife Soula-Marie.
“Sources close to the company said the consultancy agreement ended because Mr and Mrs Perdis now live in Athens and the relationship had proved unwieldy,” the newspaper said.
“However, other sources said the relationship between Mr Perdis and Kuba Investments soured after Mr Perdis attempted to regain a seat on the board and tried to establish a new brand and products for his daughter Lianna.”
Napoleon Perdis Cosmetics, which opened its first concept store in Sydney in 1995, entered voluntary administration in January.
At the time Napoleon, who then shared ownership of the empire with Soula-Marie and his brother Emanuel, said he, and his family, were 100 percent committed to achieving the best outcome for all stakeholders.
Shortly after Napoleon Perdis Cosmetics actioned a Deed of Company Arrangement (DOCA) in a bid to “bring the company back under the control” of its directors and “provide a stronger outcome to creditors and employees”.
Three months later in April, the company was saved from liquidation by KUBA when creditors voted to support a $1.6 million Deed of Company Arrangement (DOCA).
At the time, Simon Cathro from Worrells Solvency Accountants said the creditors’ acceptance of the DOCA marked a new chapter for the Napoleon Perdis Cosmetics story.
“The restructured company now sets a solid foundation for a profitable and sustainable business going forward,” he said.
“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.”
Following the meeting, Wang said the creditors’ vote to accept the restructure would now allow Kuba” together with Napoleon and Soula-Marie Perdis” to move forward “to continue an iconic Australian brand”.
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