Street wear retailer Ed Hardy, the brand once worn by celebrities including Madonna, Jeff Fenech along with Melbourne underworld figure Mick Gatto, edhardy has become placed within reach of administrators, below nine months bash company was named the sixth fastest growing company in BRW magazine’s Fast 100 list.
In line with BRW, Popular Ed Hardy posted revenue of $18.59 million in 2008-09, after posting average annual growth of 168.64% included in the preceding three financial years.But because the hype surrounding the brand has faded, also grow a company’s fortunes.
At the end of June, stores positioned in Westfield shopping centres were closed after falling behind on rent, not to mention yesterday the directors inside the Australian operation, led by owner and as a consequence managing director Gary Berman, called in administrators Simon Wallace-Smith not to mention Tim Norman of Deloitte.
The pair immediately closed four stores — Paddington in Sydney, ed hardy bags Pacific Fair over a Gold Coast, in Brisbane’s CBD together with in Adelaide C and also has left six others open while they place to comb Ed Hardy’s books not to mention ascertain what went wrong.In a short statement released yesterday, administrator Simon Wallace-Smith said the collapse happen to be the result of «slowing sales combined with the competitive nature you get with the retail industry».
he said the aim around the voluntary administrators is to evaluate the financial position within your companies and additionally to investigate options to restructure the organization .The time to come of these company’s 66 employees remains unclear, in addition to Deloitte has told customers holding vouchers or deposits and cannot be redeemed at this point.
Ed Hardy’s situation is far from its position in ed hardy clothing , after the company had 14 stores or Berman was expecting to reach 35 outlets by December 2010 by opening from the Philippines, Indonesia and also Vietnam.The Stylish Ed Hardy brand, which relies with a designs of American tattoo artist Don Popular Ed Hardy, is the usual brainchild of Italian designer Christian Audigier.
Gary Berman acquired the rights to offer Ed Hardy products in Australia, Britain not to mention parts of Asia in 2006, after his children introduced him to your brand on a family holiday to South Africa.
