Fashion heavyweight Josh Goot collapses into voluntary administration
Tuesday, February 3, 2015/
Australian model Jessica Gomes wearing a Josh Goot outfit on the catwalk
High-profile fashion designer Josh Goot has placed his eponymous label in voluntary administration in a bid to withstand the “well-documented difficult trading conditions in the fashion industry”.
Michael Smith and Peter Hillig of Smith Hancock were appointed administrators of Josh Goot on February 2.
Goot founded the label in 2005. The business currently operates two retail stores, in Paddington in Sydney and Armadale in Melbourne, along with a wholesale business, and all parts of the business are expected to continue to trade throughout the administration process.
Goot’s designs are regularly seen on Australian and international celebrities including Kim Kardashian, Lara Bingle and Mia Wasikowska at red carpet events.
Josh Goot designs have been exhibited at fashion weeks in New York and London, while local shoppers can also purchase clothing from the label at David Jones.
In a statement issued to SmartCompany, Goot said the aim of the administration is to “restructure to protect the long-term interests of the brand and all involved”.
“The retail market has witnessed a prolonged downturn since the GFC in 2008 and we are proud that we have been able to sustain and grow the business throughout the challenging period, while manufacturing exclusively in Australia,” Goot said.
Goot said he intends to continue the label, post administration.
“Over the last 10 years, we have built a coveted designer label that is recognised and respected the world over,” he said.
“We aim to continue building that business with our investors, staff and trade partners, for many years to come.”
Mynetsale.com.au, a $12 million online marketplace for designer clothing and accessories, was also liquidated last year, following the collapse of its French parent company.
The first meeting of Josh Goot creditors is scheduled to be held in Sydney on February 12.
SmartCompany contacted Smith Hancock but did not receive a response prior to publication.
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