Yahoo Finance Napoleon Perdis changes hands, with remaining 28 stores to stay open
Napoleon Perdis’ 28 remaining stores will continue trading after Napoleon Perdis’ creditors struck a deal with an investment firm last night, saving 250 staff members’ jobs in the process.
The creditors approved a proposal to transfer the shareholding, management and operation of the makeup brand to investment firm KUBA Investments in a way that will see the business continue to run seamlessly and avoid plunging Napoleon Perdis into liquidation and shutdown.
KUBA Investment is comprised of ‘Daigou Queen’ Livia Wang as well as former Witchery and Marcs executive Henry Lee.
‘Daigou’ is a term for a personal shopper buying exported goods for Chinese clients.
Commenting on the creditor-approved proposal, Wang said: “KUBA together with Napoleon and Soula-Marie Perdis can now move forward to continue an iconic Australian brand.”
Wang also thanked pharmacy chains Priceline and Terry White for their “unwavering support shown during the process and willingness to continue to support the brand going forward”.
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Wang will work on strengthening the business in Australia with a view towards expanding in China, according to the SMH.
She attributed Napoleon Perdis’ collapse to its rapid expansion, but said she was “in love with the brand”.
“Napoleon Perdis is an iconic brand over 23 years. Like any entrepreneurial journey, there will be an upside and a downside – sometimes they will make bad decisions and be in trouble,” she told the SMH.
“We think they are ready to grow, they just need more cash flow to grow and we will do that.”
Napoleon Perdis collapsed on 31 January, with 28 of the makeup empire’s 56 stores shuttering its doors as of 4 February.
Insolvency firm Worrells Solvency & Forensic Accountants were appointed administrators and have been hunting for a buyer for months.
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