SYDNEY: High-profile fabric and garment importer Smouha has failed in its first bid to sell of its business estate in Waterloo, as speculation over its financial future continues to mount.
News Limited newspapers this morning reported Phillip Smouha, Smouha executive and husband of celebrated fashion designer Lisa Ho, was selling three personal and commercial properties, including the George Street site in Waterloo.
However, the Waterloo sale has already hit rocky waters with an auction last week failing to attract a competitive bid. It is understood the sale - which followed the recent listing of Smouha's Southern Highlands horse agistment business Velvet Stud and his private property in Bellevue Hill last October - was spurred by deteriorating conditions in the local industry, with Australia's falling dollar already claiming fellow competitor DPK Fabrics.
Smouha's ragtrader operations include textile wholesaling, garment imports and the Hills Textile business, which he acquired last year.
For more details, pick up a copy of Ragtrader's March 27 edition.