Australian Fashion Labels has been acquired by a group of private investors, the company has shared.
Australian Fashion Labels entered voluntary administration on January 6th 2021.
The purchase includes the ‘collective view’ to bring back employees, who were the ‘heart of the company’ and grow further jobs in the fashion industry.
This acquisition includes the global trademarks, business assets and operations team in Singapore and Shanghai.
Australian Fashion Labels owns the online platform, BNKR, as well as Finders Keepers, C/MEO Collective, Keepsake and The Fifth Label.
“It is our absolute focus to bring back the talent that sadly had to be made redundant through the administration process,” said Andrew Nunn, an investor involved in the administration. “This team knows the business intimately and understands our loyal customer base and we are thrilled to be given an opportunity to help shape the future of Australian Fashion labels with such a talented group.”
The negotiations have officially concluded, with administrators purchasing the assets in a deal that allows the business to re-commence its operations. The historical debts that were hindering the previous business will not be transferred into the business.
“Today we are also pleased to announce that work has already commenced to re-hire the creative team, some of whom are already back to work,” said Nunn.
As part of the new acquisition, Sean Ebert will remain in his role as interim CEO. “Sean brings extensive experience in successfully leading business growth after holding the position of Global M&A Director for an international firm,” explained Nunn.
“Sean will be tasked with working through the process of re-hiring other members of the previous team and recruiting new talent required to continue to build the vision of Australian Fashion Labels – to provide a hub to support Australian designers to reach their markets,” he said.
Australian Fashion Labels has ‘secured fashion industry advisors’ and will establish a board of directors to ‘form the collective skill set’ it needs to succeed in future endeavours.
The Label will also continue supporting TAFE fashion graduates. “Collectively, we see our investment as an opportunity to build on something innovative for the national fashion industry,” said Nunn.
“We recognise the talent that is embedded in the company’s history as well as its impressive track record of exporting Australian designs into over 100 countries across the globe.”
The investors will work with the founders, Melanie and Dean Flintoft, who have ‘committed to supporting the news business’. The online platform BNKR has relaunched, and the investors have decided to honour all valid outstanding store credit for a period of six months. The BNKR website was reactivated on February 25th.
The business now plans to expand its e-commerce platforms and further invest in more sustainable fashion solutions.
“We are pleased that our vision will continue with new business owners who are based in South Australia and are passionate about retaining our talented team,” said Melanie and Dean Flintoft. “The global impacts of COVID-19 across the fashion industry were and continue to be immense and we are thankful that Australian Fashion Labels has received a lifeline,” they said.
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