Login
Powered by
MOMENTUM
MEDIA
Powered by MOMENTUM MEDIA
Clayton Utz has assisted Napoleon Perdis Cosmetics group in completing its restructure, following its high-profile collapse into voluntary administration earlier this year.
Firms: Clayton Utz (Napoleon Perdis Cosmetics)
Value: Undisclosed
Area: Restructuring and insolvency
Key players: Restructuring and insolvency partner Orla McCoy led the Clayton Utz team that worked alongside the administrators, Simon Cathro, Christopher Cook and Ivan Glavas of Worrells. She was supported by senior associate Mikhail Glavac, partner Geoff Hoffman and special counsel Sidney Tang, and partner Tim Webb.
Deal significance: Napoleon Perdis Cosmetics is described as a former top 500 private company in Australia, which generated sales of more than $100 million annually through 85 concept stores, 100 department store counters, 750 independent stockists, an online sales platform and “make up academy” beauty training schools.
“Having implemented an immediate operational restructure on appointment to prepare the group for sale, Worrells appointed Clayton Utz to conduct an expedited global sale process, which attracted 41 interested parties and culminated in KUBA Investments being the successful bidder. KUBA Investments is led by former Witchery and Marcs executive, Henry Lee, and Livia Wang, best known for her daigou consultancy providing Australian-based personal shoppers for Chinese consumers,” the statement from Clutz explained.
“KUBA Investment’s acquisition of the group was structured and implemented by way of Deed of Company Arrangement (DOCA) and a subsequent Creditors’ Trust, involving a transfer of 100 per cent of the shares in the company to KUBA. Although complex, the transaction structure meant the business was able to be continued seamlessly as a going concern – with employees retained, existing leases continued, and the ongoing engagement of Napoleon Perdis himself, as the group’s eponymous founder and creative genius.”
Commenting further on the deal, Ms McCoy said: “Rehabilitating ailing retail businesses can be a herculean challenge”.
“With the international reach and experience of the new owners in KUBA Investments, there is now an opportunity to reshape the Napoleon Perdis Cosmetics business for future challenges and opportunities in global markets.
“The rescue of a business as complex as this is an achievement of which the Administrators, and all of the contributors to that success, can be justifiably proud.”
Emma Musgrave (née Ryan) is the managing editor, professional services at Momentum Media.
Emma has worked for Momentum Media since 2015, including five years spent as the editor of the company's legal brand - Lawyers Weekly. Throughout her time at Momentum, she has been responsible for breaking some of the biggest stories in corporate Australia. In addition, she has produced exclusive multimedia and event content related to the company's respective brands and audiences.
Prior to joining Momentum Media, Emma worked in breakfast radio, delivering news to the Central West region of NSW, before taking on a radio journalist role at Southern Cross Austereo, based in Townsville, North Queensland.
She holds a Bachelor of Communications (Journalism) degree from Charles Sturt University.
Email Emma on:
Get breaking news
Emma Musgrave
