South Yarra wedding dress boutique Vincenzo Pintaudi Couture under financial stress

The Melbourne bridal industry has been dealt a fresh blow with a popular wedding dress boutique under financial stress amid closures of other stores.

Vincenzo Pintaudi Couture is located in South Yarra. Picture: Instagram

The bridal industry has been dealt with a fresh blow with a popular Melbourne wedding dress boutique under financial stress amid closures of other stores.

South Yarra’s Vincenzo Pintaudi Couture called in insolvency experts as it seeks to strike a deal with parties it owes money.

Rodgers Reidy liquidator Brent Morgan was appointed the restructuring practitioner on Thursday, public documents filed with the nation’s corporate regulator show.

Mr Morgan told the Herald Sun strict Covid lockdowns affected the boutique’s finances.

“This is historical debt as a result of Covid lockdowns,” he said on Friday.

“Stores were closed during lockdown but rent was continuing being paid on the store so it’s a build-up of tax debt during that period.

“According to the director, there hasn’t been a downturn in his marketplace, he is still getting customers, it is still at pre-Covid levels.”

Mr Morgan declined to say how much money the boutique owed other than to note it was in the tens of thousands of dollars.

“The threshold in a small business restructure is up to $1m of liabilities and it is nowhere near that. It’s at the lower end of that,” he said.

The business creates custom-made bridal gowns and evening wear.

The South Yarra store opened about seven years ago.

Mr Morgan said no customers will be affected and the business will remain open.

“The business continues, the director is still in charge, the business continues to operate,” he said.

“The practitioner is appointed to really just negotiate a plan with the unsecured creditors and in this specific case it’s the Australian Taxation Office.

“It’s not a liquidation scenario … this is business as usual.”

The boutique is owned by Vincenzo Pintaudi, a well-renowned designer who has worked in the industry for more than 20 years.

He has designed custom-made bridal couture and evening wear for brides and celebrities in Melbourne, Sydney and overseas.

According the boutique’s website, Mr Pintaudi sources his “exquisite” materials from around the world.

“Vincenzo’s approach to both wedding dresses and red-carpet gowns means that every woman who wears his designs is walking down the aisle or red carpet in a personalised, one-of-a-kind gown,” it said.

“With experience in both the bridal couture and ready-to-wear industry, Vincenzo sources and has exclusive access to some of the most exquisite fabrics, laces, embroideries and trims available from around the world.”

The boutique’s financial difficulties is the latest hit to the bridal industry with The Bridal Atelier collapsing last month.

The liquidation forced the closure of multiple stores, impacting 30 weddings in Melbourne and 69 in Sydney.

Just two days later, Adelaide boutique Bridal Fusion by Mascia also closed permanently with its owner filing for bankruptcy.

When contacted by the Herald Sun, Mr Pintaudi declined to comment.