US e-commerce retailer Revolve Group is believed to have snapped up the intellectual property (IP) assets of Australian fashion brand Dion Lee.
This is according to the Australian Financial Review, which said that Revolve had acquired the Sydney-based brand’s assets from its administrator, DVT Group, for under one million dollars.
Founded in 2009, Dion Lee, at once a regular at New York Fashion Week, had experienced what was to be a short-lived success, operating through six stores in its homeland of Australia, one location in the US and selling via 160 international outlets.
The company had begun to position itself for the next phase of growth by the end of 2023, appointing James Miller as its first chief executive officer to oversee the process. By May 2024, however, Dion Lee had placed its Australian arm under administration after an investor, Cue Clothing, pulled out following a strategic review.
DVT was appointed to explore “all options” related to Dion Lee’s business operations, including those in the US, which at one time was the brand’s biggest market. At the time of the administration, the brand was believed to have owed 35 million dollars in total liabilities.
In the following August, it was then reported that the brand would wind down after no deals were reached with potential buyers. AFR stated that administrators had sold more than 40,000 Dion Lee items in the second half of 2024 to recover nine million dollars in debt.
FashionUnited has contacted Revolve Group and DVT Group with requests to comment.