Finding New Operators for Mulberry Stores in Australia

Luxury handbag brand Mulberry’s Australian operations are on the market after the fashion giant moved to regain control of a local franchise from a company overseen by the directors of failed retailer Sneakerboy.

Listed on the London Stock Exchange and a favorite of celebrities including Kate Middleton, Duchess of Cambridge, Mulberry has five stores in Australia, three in Melbourne and two in Sydney.

Mulberry’s Alexa Bag, named after Alexa Chung,credit:

The leather goods manufacturer operates as an independent franchise in Australia and is run by a company called Luxury Retail No 1.

Luxury Retail No 1. was overseen by Melbourne-based Nelson Mair and Theo Poulakis, who also ran luxury footwear and streetwear retailer Sneakerboy. Sneakerboy was placed under voluntary custody last month, owing more than $17 million to creditors.

Manager Hamilton Murphy was called to Sneaker Boy last month due to difficulties in raising short-term funding, the manager said. Stores were forced to close during the year-long lockdown.

In a statement on Friday, recipient McGrathNicol said Mulberry Group has named them as the recipient of Luxury Retail No 1.

Mulberry stores will continue to operate as normal, all staff will continue to be employed and stores will remain open.

McGrathNicol partners Barry Kogan, Jonathan Henry and Robert Smith currently manage the business as receivers.

“This appointment follows the Mulberry Group’s concerns over the viability of Luxury Retail, where Mulberry Company (Australia) Pty Ltd recently acquired secured debt owed by Luxury Retail to third parties. As a result,” the group said in a statement. .

Finding New Operators for Mulberry Stores in Australia

Source link Finding New Operators for Mulberry Stores in Australia

Back to top button