Luxury fashion label The Daily Edited has been rescued by the owner of accessories chain Colette by Colette Hayman, keeping 35 employees in jobs over Christmas.
The Daily Edited, which started as an online retailer specialising in monogrammed wallets, handbags and accessories, went into liquidation in early October less than two years after the co-founders ended a bitter legal dispute.
Bernie Brookes, who rescued Colette out of administration, has acquired The Daily Edited.Credit:Rhett Wyman
The brand has now been acquired by BJM, a company co-owned by former Myer CEO Bernie Brookes who also rescued Colette by Colette Hayman from administration when it collapsed in early 2020.
Under BJM ownership, Colette by Colette Hayman increased turnover by 300 per cent and lifted store footprint by 60 per cent to 57 stores.
Brookes, who said his decision to acquire a 90 per cent stake in Colette was “viewed as contrary at the time”, said The Daily Edited had a “great foundation” and would seek to grow the label both online and in store by leveraging the flagship QVB Sydney store and through established local and international brand recognition.
“The combination of personalisation, with a premium range of fashionable leather goods, is a unique proposition and continues to be sought after by customers,” he said.
“We will obviously leverage synergies [with Colette by Colette Hayman], however it is mandatory in view of the differences in brand personas, that we continue to trade the brands independently.”
The Daily Edited and BJM have exchanged contracts, with the deal – at an undisclosed sum – to be settled in January.
KordaMentha partner and administrator Kate Conneely said keeping the business running while simultaneously in liquidation and administration had been challenging.
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