The focus is back on liquid eyeliner, not liquidation, with creditors voting in support of a new direction for cosmetics icon Napoleon Perdis
At the second meeting of creditors of Napoleon Perdis Cosmetics Pty Limited, creditors yesterday voted to support the Deed of Company Arrangement (DOCA) proposed by Henry Lee and Livia Wang of KUBA Investments Pty Ltd.
Wang has a strong retail and e-commerce background as the Managing Director of Access Brand Management, a company which represents businesses looking to do business in mainland China through ‘daigou’ or other established channels.
Directors, Soula-Marie Perdis and Emanuel Perdis were at the meeting, giving creditors an opportunity to ask them any questions.
This result means that the company will avoid being placed into liquidation and shutdown. The administrators and KUBA will now need to complete some critical steps in order for the DOCA to be signed and for the company to be handed to the control of KUBA.
“Today marks a new chapter for the Napoleon Perdis Cosmetics story,” said Worrells’ Simon Cathro. “The restructured company now sets a solid foundation for a profitable and sustainable business going forward. We are confident that Napoleon and Soula-Marie Perdis’ continued creative expertise will ensure the brand continues to thrive and grow under the new ownership structure.”
“The process of the company entering into voluntary administration has allowed the business to continue in existence under a reorganised business structure and with the creditors vote to accept this restructure, KUBA together with Napoleon and Soula-Marie Perdis can now move forward to continue an iconic Australian brand,” said Wang. “Also, we would like to thank key supporters of the business, Priceline and Terry White for their unwavering support shown during the process and willingness to continue to support the brand going forward.”
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