By Colin Kruger and Jessica Yun
Purely Byron, the skincare brand co-founded by model and actor Elsa Pataky and backed by her husband, Hollywood star Chris Hemsworth, has collapsed less than a year after its first product launch.
While the website remains live, none of the skincare products are available to buy, with the words “coming soon” appearing in place of “add to cart”.
Products from Purely Byron, the skincare brand co-founded by model and actor Elsa Pataky, are no longer available for purchase online.
Documents lodged with the Australian Securities and Investments Commission show Cameron Gray and Justin Holzman of DW Advisory were appointed as administrators of Purely Byron Pty Ltd on Friday.
Signs of trouble emerged last month when embattled beauty group BWX, which owns 47 per cent of Purely Byron, wrote down the value of its stake by $2.8 million for the December half year.
Two former BWX employees, chief financial officer Efee Peell and chief executive Rory Gration, resigned from the Purely Byron board of directors at the time they departed BWX in November and February, respectively. They were not replaced.
Pataky helped develop the skincare range using botanical ingredients from the Byron Bay region, which the famous couple has called home for most of the past decade.
“When I moved [here], I immediately felt connected to Byron Bay’s natural beauty,” she told Grazia magazine in the lead up to the launch in June last year.
“I started discovering all these natural botanicals, which are so powerful and clinically proven – they really work. I fell in love with all the different ingredients that grow here, so when the idea came about to make it happen with my co-founders, I was so excited,” she said.
In the documents lodged with ASIC, one of the administrators, Justin Holzman, said he was first approached by Purely Byron directors Lance Kalish and Ido Leffler on February 25 and held a series of meetings to determine the company’s solvency and options for the board. The fifth and final meeting was held on March 9.
The administrators have been contacted for comment.
Elsa Pataky, co-founder of Purely Byron and husband Chris Hemsworth. Credit: Luke Marsden
At the time of publishing, the brand had not issued any notice of the company’s collapse to customers on social platforms.
On Purely Byron’s latest Instagram post, one potential customer commented: “As you are now in administration, does that mean we can still order products or not? I was hoping to pick up a few items this week.”
Pataky has not made any mention of her business’ collapse on her social media accounts.
Purely Byron’s collapse follows that of fashion brand Alice McCall last month. The clothing brand owes more than $1 million to creditors, including the Australian Taxation Office and all 14 of its stores were forced to shut.
Late last year, insolvency specialists warned that the high-interest-rate environment would push more businesses, particularly in non-essential spending categories such as fashion retail, over the edge.
Former Myer chief executive Bernie Brookes stepped in to rescue personalised accessories label The Daily Edited out of liquidation through his company BJM, which also owns Colette by Colette Hayman.
Last June, online fashion retailer Missguided collapsed, followed by luxury shoe retailer Sneakerboy the following month.
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