It’s not over yet: Napoleon Perdis receives offer from private investment company
Image via Napoleon Perdis/Facebook
Still fighting.
It was a sad day when Napoleon Perdis announced it was entering voluntary administration back in January.
However, it appears the business has been saved in the 11th hour, thanks to an offer from private investment company KUBA.
Under the proposed arrangement, KUBA (run by Australian entrepreneurs Livia Wang and Henry Lee) will take control of the company, leaving Napoleon Perdis and his wife Soula-Marie as Creative Directors.
According to the brand’s appointed administrators Worrells, the proposal would result in a better return to creditors than if Napoleon Perdis was liquidated. It would also mean no further store closures would be required.
If successful, Wang and Lee have plans to accelerate the beauty empire’s overseas expansion. Wang is already known as the ‘daigou queen’ in Australia – that is, for her work promoting personal shoppers who buy on behalf of consumers in China.
It’s now up to Napoleon Perdis’ creditors to vote on KUBA’s proposal on April 8, with main distributors Terry White Chemists and Priceline Pharmacies already in full support of the deal.
At the time of its collapse, Napoleon Perdis cited high retail rent, international competition and the growth of online shopping as reasons for its crippling debt.
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