The IP-related assets of Dion Lee have just been sold to international fashion conglomerate Revolve Group for an undisclosed amount.
This comes after several months of turmoil for the Australian-born designer label, which fell into administration in May last year owing $35 million in total liabilities. This included a $20 million loan from Cue Clothing Co, which is believed to have caused a divide between founder Rod Levis and his son Justin Levis, with Justin since taking his parents to court over succession plans.
The Dion Lee business was then resolved to be wound up by creditors, with Antony Resnick and Henry Kwok from dVT Group leading the process.
Dion Lee debuted his first major collection at Australian Fashion Week in 2009, and grew to local and global cult status.
For the second half of 2024, dVT Group focused on the sale of remaining Dion Lee stock through store and online outlets. This included completing and paying for orders of 15,000 units of new ranges being produced out of Portugal, Turkey and China.
In total 40,000 items were able to be sold in a short timeframe – recouping approximately $9 million for creditors.
With that process completed, the focus turned to the sale of remaining company assets, with Revolve taking on the assets.
Revolve is a global fashion retailer, with two stores in the United States, and dedicated websites for countries globally, including in Australia.
According to Revolve, the retailer targets Millennial and Generation Z consumers, with a curated offering totalling over 49,000 apparel, footwear, accessories and beauty styles. Revolve sells the likes of Aje, Bardot and ASTR the Label.
In 2024, Revolve recorded US$1.1 billion in total revenue (~A$1.7 billion), and US$49 million in net income. The company’s average order value was US$302.
While the liquidation process for the Dion Lee business is ongoing, dVT reported that it is pleased this major milestone has been reached for the benefit of creditors.
Dion Lee himself is currently residing in the United States. It is believed he will continue as the brand’s creative director.