Australia, insurance, car, home, live, holidays

Bernie Brookes,who rescued Colette out of administration,has acquired The Daily Edited.Credit:Rhett Wyman

The brand has now been acquired by BJM,a company co-owned by former Myer CEO Bernie Brookes who also rescued Colette by Colette Hayman from administration when it collapsed in early 2020.

Under BJM ownership,Colette by Colette Hayman increased turnover by 300 per cent and lifted store footprint by 60 per cent to 57 stores.

Brookes,who said his decision to acquire a 90 per cent stake in Colette was “viewed as contrary at the time”,said The Daily Edited had a “great foundation” and would seek to grow the label both online and in store by leveraging the flagship QVB Sydney store and through established local and international brand recognition.

“The combination of personalisation,with a premium range of fashionable leather goods,is a unique proposition and continues to be sought after by customers,” he said.

“We will obviously leverage synergies[with Colette by Colette Hayman],however it is mandatory in view of the differences in brand personas,that we continue to trade the brands independently.”

The Daily Edited and BJM have exchanged contracts,with the deal – at an undisclosed sum – to be settled in January.

KordaMentha partner and administrator Kate Conneely said keeping the business running while simultaneously in liquidation and administration had been challenging.

“CBCH is a well-established brand and is the perfect acquirer of the business. Bernie and his team bought Collette in similar circumstances and understand what is needed to build a brand that needs a little extra attention,” she said.

Happier times:Tania Liu (left) bought Alyce Tran’s stake in The Daily Edited in mid-2021.

The Daily Edited makes over $20 million a year in sales and has around 35 full-time and part-time staff,all of whom will be retained. Gift cards will also be honoured.

The label was founded in 2011 by Alyce Tran and Tania Liu as lifestyle blog and fashion label before being relaunched in 2014 as an online store for leather goods. It opened physical stores in Melbourne,Sydney,and New York’s Bleecker Street as well as partnering with David Jones to sell wares in its Sydney,Melbourne,Adelaide and Brisbane department stores.

The brand has also attracted celebrity collaborations with Hailey Baldwin,Sylvester Stallone’s daughters,Lara Bingle,and more.

But inearly 2019,Liu took Tran to court,accusing the latter of misusing company funds for Tran’s own business ventures and personal expenses,including fixing a leaking roof. Tran denied wrongdoing,filed a defence and cross-claim with the court,but then in May 2021 brought court proceedings to an end byselling her stake in the business to Liu.

The Daily Edited fell into liquidation 18 months after Tran exited the business.

The Business Briefing newsletter delivers major stories,exclusive coverage and expert opinion.Sign up to get it every weekday morning.

License this article