Luxury Aussie fashion brand The Daily Edited enters liquidation
A popular Australian luxury fashion brand has suffered a devastating blow less than 18 months after one of its co-founders exited the business.
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A popular Australian luxury fashion brand has formally entered liquidation just 17 months after one of its co-founders exited the business.
The Daily Edited (TDE), which boasts more than 332,000 followers on Instagram, resolved that the company should be wound up during a general meeting of its members on September 30.
The business established a large following by dealing in personalised and leather accessories, including wallets, bags, phone cases, key rings and travel accessories.
TDE was built from the ground up by Alyce Tran and Tania Liu, who founded the company in 2011.
Originally set up as a lifestyle blog and fashion label, in the space of just three years the business was relaunched as an online store specialising in leather goods.
Its popularity grew to the point where the Perth-based pair quit their day jobs as lawyers due to the demand it was generating.
A partnership with David Jones allowed them to sell their products in-store throughout Sydney, Melbourne, Adelaide and Brisbane, while TDE had stand-alone stores in Melbourne, Sydney and even New York.
Its flagship store in the Queen Victoria Building in Sydney’s CBD was only opened last year.
Celebrities who TDE collaborated with and featured in its campaigns included the likes of Hailey Baldwin, Sylvester Stallone’s daughters (Sistine, Sophia, and Scarlet), Amber Valletta and Lara Bingle.
But cracks appeared to form when it was revealed Ms Liu had launched legal action against Ms Tran in the NSW Supreme Court in 2019.
Ms Liu accused Ms Tran of using thousands of dollars from the company to pay for her own personal expenses and other business ventures.
Ms Tran denied the allegations before selling her 50 per cent stake in the company in May last year.
The terms of this sale were not disclosed, but it ended the pair’s legal battle.
More than a year later, TDE has entered liquidation, with Gavin Moss from Chifley Advisory has been appointed as liquidator.
A Chifley Advisory spokesperson revealed the company had been sold prior to the appointment of the liquidator.
They said that as it had been less than a week since Mr Moss was appointed, they are yet to investigate the financial affairs of TDE.
“In our initial discussions with the director, we have been advised that the Company faced challenges due to the Covid pandemic and the competition,” the spokesperson said.
“The Liquidator will investigate into the above matters and submit a report to all the creditors of the Company and also to the ASIC, to provide an update on the outcome of his investigations.”
The business has been actively promoting products on its Facebook and Instagram pages, as companies are still able to trade after entering liquidation.
TDE has been contacted for comment.
Originally published as Luxury Aussie fashion brand The Daily Edited enters liquidation
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