Aussie fashion brand Colette by Colette Hayman has announced an 80 per cent off storewide sale amid speculation the label is finally crumbling after years of hardship.
Colette, which has sold handbags, clothes and accessories since 2012, has stores in NSW, Queensland, Victoria, the ACT, South and Western .
But this week, employees were told the company had entered voluntary admission and that stores will close once all stock had been sold, 7News reports.
Signs outside outlets, including a store at Westfield Tea Tree Plaza in South , are advertising massive sales of up to 80 per cent off.
‘Final day of trade. 60–80% off. Everything must go!’ the notice to customers read.
The fashion label, which trades as CBCH Group, is owned by the Marqee Retail Group. It first went into administration in January 2020 and closed 100 stores.
Bernie Brookes, the former boss of struggling department store chain Myer, acquired a 90 per cent stake in the group and proceeded to close 103 stores.
This left just 35 remaining in Victoria, New South Wales, Queensland, South and Western . Mr Brookes also announced a pivot to more online sales as the number of stores was reduced from 138 to 35.
The company entered administration for a second time in May 2024, but was handed a lifeline by administrators from insolvency firm Mackay Goodwin.
In June of the same year, a deal was struck where priority creditors received 100c for every $1 they were owed, while suppliers got 20c for every $1.
Landlords received 10c per $1 and unsecured creditors got 5c for every $1.
Sydney northern beaches entrepreneur Colette Hayman founded the fashion company in 2010 during the aftermath of the Global Financial Crisis.
The brand quickly became a budget handbag and accessories store, renowned for its affordable handbags, clutches, jewellery and accessories.
It was widely popular among teenagers and young women and quickly grew to 180 stores in , New Zealand, South Africa and the United Kingdom.
Ms Hayman, known as the ‘queen of handbags’ formerly owned jewellery chain Diva and shares two children with her husband Mark.
More to come.