National jewellery retailer Secrets Shhh enters administration as buyer sought
A national Australian jewellery chain that’s been operating for 25 years and has 23 stores nationwide has called in the administrators. Buyers are being urgently sought.
Major Australian jewellery retail chain Secrets Shhh has gone into voluntary administration with the search on for a new buyer.
The retailer - known for its affordable jewellery range and selling sustainably-sourced, laboratory grown and simulated diamond alternatives - has 23 stores nationwide and an online shopping platform.
John Park, Kate Warwick and Kelly-Anne Trenfield were appointed as joint administrators of the Secrets Group on 10 December.
In a statement, Mr Park said: “The business is trading as usual as much as possible while the administrators undertake an urgent assessment of the company’s operations, and have commenced a sales process and/or recapitalisation of the Group”.
The group continues to trade and, where stock is available, orders placed on or after the Administrator’s appointment will be processed and shipped as normal.
The administrators are not in a position to guarantee that orders placed before 10 December 2025 will be fulfilled.
Redeeming a gift card or store credit is permitted where the customer spends an equal or greater amount. The Administrators will be writing to creditors, suppliers and employees immediately regarding ongoing trading information and the first meeting of creditors.
The company has had a number of ups and downs in its 25-year history.
The vertical integrated retailer was launched in 2000 by Jane Meredith and Dietmar Gorlich in Noosa.
Under a franchise model, it quickly grew to 26 stores across Australia and New Zealand before the Global Financial Crisis.
In 2017, it had seven stores – three of which were franchises.
Headquartered in Brisbane, former Michael Hill International chief executive Michael Parsell became managing director in 2017 and the company expanded.
On the company’s website, Secrets Shhh said they were “breaking the shackles of dusty old traditions” with its founders making “the bold decision” to turn their backs on the mined diamond industry.
“Our Signature Simulants do not share the same chemical properties as mined or synthetic diamonds, rather they are responsibly grown using the latest technology, under extreme heat from the mineral base zirconium oxide, to form the highest grade AAAAA cubic zirconia.”
The retailer’s parent company, Secrets International and its subsidiaries including Secrets Wholesale, Secrets Shhh Leasing, Secrets Shhh Franchising, Secrets Shhh Retail Leasing, Secrets Online, Simudia and Secrets Leasing are all in voluntary administration.
A first meeting of creditors will be held on December 19.
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Originally published as National jewellery retailer Secrets Shhh enters administration as buyer sought
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