SYDNEY: Sydney label Cohen et Sabine is the latest high profile fashion brand to hit the skids.
The womenswear business headed by designer Natalie Cohen, was forced to appoint external administrator Adam Shepard late last month after struggling to meet its financial obligations.
The business follows a host of other apparel businesses - including Herringbone, Smouha Fabrics and DPK - in finding itself in financial strife as a result of the falling Australian dollar and a slowdown in consumer spending.
The first meeting of Cohen creditors was held on March 4 with the second taking place earlier this week (March 23).
While Shepard would not disclose how much money the company owed he stated that by rag trade standards it "was not a huge amount".
Shepard said the business had two secured creditors factoring company Scotpac and finance firm RAC, but would not comment on how many or who the remaining unsecured creditors were. Nor would he state what assets the Cohen et Sabine owned except to say it leased its Sydney head office.
It is understood the company intends trading on if creditors accept the legally binding Deed of Company Arrangement, which would allow the implementation of a revised business plan and strategy to return the business to profitable trading.
In the meantime Shepard said he would continue to oversee delivery to Cohen et Sabine customers and the manufacture of the product.
The label launched several years ago and first hit public attention after Cohen was invited to show an early collection as part of the New Generation Show at Mercedes Australian Fashion Week in 2000. Following her initial success she was invited to show at 2001 Melbourne Fashion Festival.
Cohen et Sabine staged its first solo show out of season in March 2003. Following a couple of quiet years, the company again hit the headlines last year when it signed on to do a collaboration with multinational retailer Sportsgirl.
The label, stocked in David Jones stores nationally, currently boasts several wholesale accounts across Australia including Parmour X (New South Wales), Catus Jam (Victoria), LAX (South Australia), Fusion Blue (Western Australia) and Minx & Max (Queensland).
It is also sold across the Tasman through stockists in Auckland, Wellington and Christchurch.
Dispite repeated requests Natalie Cohen did not return calls by the time of press.