This is the first move of its kind since 2017.

This comes 24 hours after the company released its FY23 report.

The company has cited a continued macro-driven slowdown in consumer spending impacting Australia.

The Iconic's parent company Global Fashion Group reported an overall net merchandise value drop of 14.7% year-on-year.

Kmart, Target, Asics, Aldi, TK Maxx, Bras N Things and The Iconic were in attendance with a Melbourne instalment set to launch in November.

Country Road, who presented and sponsored the award, will offer Lillardia Briggs-Houston a 12-month business mentorship.

Cettire founder and CEO Dean Mintz said the move provides "significant incremental growth potential.”

The intimate apparel brand is currently under strategic review.

Meanwhile, parent company AKA Brands has reported a 28% drop in sales in Australia.

Founders Domenico Dolce and Stefano Gabbana directly collaborated on the new venture.

It is the brand’s first physical expansion in over a decade.

The drops come after the Reserve Bank paused interest rates again.

Advent International managing partner Ranjan Sen has confirmed growth plans for the designer womenswear label are underway.

The company has increased capital investment to tackle criminal behaviour.

However, profit was not as strong in the second half of FY23.

An internal review found there was “duplication of effort” among store staff and that its store leaders want more time on the floor.