Aussie affordable jewellery retailer Secrets Shhh collapses into voluntary administration
An Aussie jewellery retailer known for promoting an affordable alternative to mined diamonds has collapsed into administration – with an urgent sales process underway to find a buyer.
Australian jewellery retailer Secrets Shhh has been placed into administration, with a sales process underway in order to find a potential buyer.
Kate Warwick, Kelly Trenfield and John Park of FTI Consulting were appointed as joint and several administrators of the retailer’s parent company, Secrets International Pty Ltd, on Wednesday.
Secrets International and its other subsidiaries – including Secrets Wholesale, Secrets Shhh Leasing, Secrets Shhh Franchising, Secrets Shhh Retail Leasing, Secrets Online, Simudia and Secrets Leasing – are all subject to the voluntary administration.
Secrets Shhh is known for its affordable jewellery range as an alternative to luxury items – selling sustainably-sourced, laboratory grown and simulated diamond alternatives across Australia.
There are 23 stores located throughout Australia in addition to an online shopping platform.
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 company will continue to trade as usual, with the expectation that orders place on or after December 12 will be processed and shipped as normal.
However, administrators have not been able to guarantee all orders will be fulfilled.
“Redeeming a gift card or store credit is permitted where the Customer spends an equal or greater amount,” Mr Park said.
Administrators will be writing to creditors, suppliers and employees at Secrets Shhh regarding the trading information.
A first meeting of creditors will be held on December 19.
On the company’s website, Secrets Shhh says they are “breaking the shackles of dusty old traditions” to seek a “better, more responsible alternative” to luxury jewellery.
“At the turn of the century, while bathing in the natural beauty of Noosa on the East Coast of Australia, the SECRETS founders made a bold decision to turn their backs on the mined diamond industry … an industry they had known so well and had been so revered in for decades,” the company’s Our Story page states.
“Drawing this new inspiration from the serenity of pristine beaches, azure blue water and making a commitment to never disturb that beauty; Noosa served as their muse, and they set about offering a sustainable alternate to mined diamonds.
“Since then, many of our team have shared that they too have turned their backs on the mined diamond industry. Our desire to do and be better, is part of our DNA as an organisation and we couldn’t be prouder of that. Our ambition is to offer the most beautiful jewellery; while reducing any harm to the Earth.”
Originally published as Aussie affordable jewellery retailer Secrets Shhh collapses into voluntary administration
