Colette by Colette Hayman has bought luxury online accessories brand The Daily Edited after a three-month search for a buyer. The company was placed in liquidation after company members voted in favour of winding the business up on September 30, following a tumultuous three years in its history, sparked by a high-profile dispute between co-founders Alyce Tran and Tania Liu. Tran withdrew from the business last year. Key staff of The Daily Edited will join some 700 Colette by Colette Hayman emp
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an employees, according to a statement issued by BJM, Colette’s parent company.
Bernie Brookes, executive chairman of BJM, the majority shareholder in the company, said The Daily Edited would continue to operate as a standalone brand.
While Colette by Colette Hayman joint CEOs Marianne Jones and Anthony Coelho would look to leverage synergies, “it is mandatory in view of the differences in brand personas, that we continue to trade the brands independently”.
“The Daily Edit has strong local and international brand recognition with a flagship store at the QVB, Sydney. This provides a great foundation to strengthen the brand online, the expansion of bricks-and-mortar into selected flagship locations and exclusive partnerships. 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.
“Key staff will be retained, gift cards will be honoured, and we have developed a strong plan to stabilise and then continue to build the brand whilst investing in stores and online. In addition, we have a strong supplier base who have indicated their continued ongoing support to The Daily Edited. and they will continue to immediately provide fresh stock. We see The Daily Edited suppliers as important trade partners and part of our future.”
At one point, The Daily Edited had stores in Australia, New Zealand, the US and Singapore and sales in excess of $20 million, however this has been significantly scaled back as the company entered its turbulent period with international sales now restricted to online.
BJM seeking further acquisitions
Brookes said that after The Daily Edited comes under the BJM umbrella next month, the company will be looking to acquire further compatible brands and businesses to build the group.
“Since purchasing Colette by Colette Hayman, we have increased store footprint by 60 per cent to 57 stores and turnover by 300 per cent. We have assembled an experienced group of managers, leading our in-house digital, product design and marketing teams to continue our focus on product development, customer centricity and the balance between digital channels, and bricks-and-mortar.”
Meanwhile, Brookes paid tribute to Kate Conneely and Rahul Goyal of KordaMentha for adopting a strategy that included ongoing trade of The Daily Edited while negotiations for the takeover were conducted.
“The decision to purchase the business was made easier by the work of KordaMentha, who ensured continuity in trading, not only through the period of administration but also during the Christmas period.”
The Daily Edited sells embossed and personalised women’s and men’s leather goods, stationery and desk accessories, bags, pouches, clutches, wallets, phone cases, diaries and overnight bags.
Colette by Colette Hayman is an affordable handbag, jewellery and fashion accessories business, selling vegan bags, clutches, wallets, travel goods, purses, and tech accessories.