Creditors of popular fashion brand The Daily Edited are set to meet this month after the label went into administration less than a year ago.
The brand, which specialises in engraving customer’s initials onto bags, phone cases and other items, was wound up after a meeting of company members on September 30 last year.
The liquidation of the glamorous brand came just over a year after co-founder Alyce Tran quietly sold off her stake.
The company has since been saved by BJM, which is co-owned by former Myer CEO Bernie Brookes, and continues to operate online and in-store.
A notice posted to the corporate watchdog ASIC on Tuesday said creditors will meet on June 20.
Creditors of The Daily Edited are reportedly owed up to $2.8million, with Ms Tran claiming to be owed $500,000, according to company documents, The Australian reported previously.
Creditors of popular fashion brand The Daily Edited are set to meet this month after the label went into administration less than a year ago
ANZ is understood to be owed $1million, while the Australian Taxation Office has claimed $218,413, and Vicinity Real Estate $203,144.
It emerged in December The Daily Edited would be saved by BJM, which also came to the rescue of Colette by Colette Hayman after it went into administration in 2020.
The accessory label was acquired by BJM for an undisclosed sum, with Mr Brookes saying the business had a ‘great foundation’.
Ms Tran and Tania Liu launched The Daily Edited in 2014 after meeting three years earlier while working at a Perth law firm.
They went on to build the business into a $25million fashion powerhouse with stores in Sydney and New York, in addition to their online offering.
Alyce Tran (right) and Tania Liu (left) launched The Daily Edited in 2014 after meeting three years earlier while working at a Perth law firm
The former business partners initially started off with a clothing line in 2011 – but after the business failed, they looked into blogging.
Eventually, the pair quit their day jobs as lawyers to start the online leather goods business to provide a service that high-end fashion houses have always done, but apply it in an affordable way.
The TDE brand is known for its focus on individuality and personalisation, reflecting its ethos that ‘you can make it your own’.
Its expansion saw it sell personalised leather goods in-store through a partnership with David Jones, in Sydney, Melbourne, Adelaide, and Brisbane.
The company opened stores at Chadstone Shopping Centre in Melbourne, Pitt Street Mall in Sydney’s CBD and on Bleecker Street in New York.
It then opened a flagship store in the Queen Victoria Building in Sydney’s CBD in 2021.
The Daily Edited became a household name for offering personalised accessories at affordable prices
Several famous faces have worked with the brand in the past.
Hailey Bieber collaborated with The Daily Edited in 2016, promoting a collection labeled as #theHAILEYedited.
In 2017 the three daughters of movie star Sylvester Stallone, Sistine, Sophia, and Scarlet, were featured in the #MeetTheStallones campaign promoting a new collection for TDE.
However, the beginning of the end came after Ms Liu launched legal action against her business partner in the NSW Supreme Court in December 2019, claiming Ms Tran spent thousands of dollars of the business’ money on herself in breach of her duties as a company director.
Ms Tran previously said in a statement to Daily Mail Australia she is ‘strenuously defending’ the claims made against her and has ‘filed a cross claim that raises a number of substantial issues against Ms Liu’.
Ms Tran said she had made the decision to sell her stake in the business to Ms Liu.
‘I have given a lot to this business in terms of my time and life and ideas – with product, I have left no stone unturned in terms of the range,’ she said.
It is not known how much Ms Tran’s stake was sold for – but the sale will signify the end of the pair’s court action.
Ms Liu confirmed it would mark the conclusion of the litigation actions between the pair, as well as with Ms Tran and The Daily Edited.
Since then, Ms Tran has continued building her existing homewares business.
TDE reportedly makes more than $20million a year in sales and has about 35 full-time staff.
Ms Liu launched legal action against her business partner in the NSW Supreme Court in December 2019, claiming Ms Tran spent thousands of dollars of the business’ money on herself in breach of her duties as a company director