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Fast fashion retailer Colette collapses

Derek Rose
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COLETTE VOLUNTARY ADMINISTRATION

Fashion chain Colette by Colette Hayman has become the latest victim of the weak retail environment

Fast fashion accessory brand Colette by Colette Hayman has gone into voluntary administration, the latest victim of Australia's disastrous retail environment.

Colette by Colette Hayman has 126 stores across Australia and 14 more in New Zealand, and over 300 staff, plus casuals.

The CBCH group of companies, which own the brand, were placed into voluntary administration on Friday, Deloitte announced on Wednesday.

Deloitte 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," Mr Strawbridge said.

"Our focus is on continuing to trade the business while we seek either a recapitalisation of the Group or a sale of the business.

"Given the strength of the brand we are confident we will be able to secure a future for the business and preserve the employment of as many people as possible."

The company has annual gross sales of $140 million, Deloitte said.

Ms Hayman and her husband Mark founded the chain in 2010 a few years after selling their Diva jewellery store chain to rich-lister Brett Blundy.

Colette stores sell handbags, jewellery and other accessories.

It also has franchises in South Africa and the United Kingdom.

Other recent retail collapses include 146-store clothing chain Jeanswest in January; 65-store homewares chain Harris Scarfe in December; and 72-store woman's fashion retailer Bardot in November.

Mr Strawbridge said that Colette employees would continue to be paid and the administrators would continue to honour gift cards.

The first meeting of the creditors is on February 12.