Australian fast fashion brand Colette goes into voluntary administration

New York – Colette by Colette Hayman, an Australian fast fashion brand specialised in accessories, has announced it has gone into voluntary administration.

The CBCH group of companies, which own the brand, were placed into voluntary administration on Friday, as per a note issued by Deloitte on Wednesday. The consultancy firm’s partners Vaughan Strawbridge, Sam Marsden and Jason Tracy have been appointed administrators.

"Colette By Colette Hayman has, unfortunately, been impacted by the current weak retail environment, as have many others," Strawbridge said in the public announcement. He added that "Our focus is on continuing to trade the business while we seek either a recapitalisation of the Group or a sale of the business.”

Looking ahead, Colette’s administrators “are confident we will be able to secure a future for the business and preserve the employment of as many people as possible." The first meeting of the creditors is scheduled for February, 12.

Owned by The CBCH Group, Colette by Colette Hayman has 126 stores in Australia and 14 in New Zealand. It also has franchises in South Africa and the United Kingdom. Australian media estimate over 300 staff could be impacted by the retailer’s move. On the latter, Strawbridge said that Colette employees would continue to be paid and the administrators would continue to honour gift cards.

Colette Hayman and her husband Mark founded the chain in 2010, soon after selling their Diva jewellery store chain. Namesake’s brand Colette stores sell handbags, jewellery and other accessories.