Fashion accessories retailer Colette by Colette Hayman will shut down all remaining stores across Australia, following a renewed entry into voluntary administration. The decision ends several years of financial instability and restructuring attempts.
Operations Winding Down
Store staff were advised on Thursday that the business would cease trading, with remaining outlets expected to continue operating only until stock is cleared. Clearance sales have commenced nationwide, with signage indicating discounts of up to 80 per cent.
Although a formal statement from administrators has not yet been issued, employees have confirmed the company has again entered voluntary administration.
Background and Ownership History
Colette by Colette Hayman first entered administration in 2020, resulting in the closure of more than 100 stores across Australia and New Zealand. The business was subsequently acquired by former Myer chief executive Bernie Brookes, who formed Marquee Retail Group (MRG) to manage Colette and leather accessories brand The Daily Edited.
Despite attempts to restructure the business, including a second administration in April 2024, trading performance did not recover. A previous restructure had allowed 40 Colette stores to continue operating, with the company stating that over 400 jobs were retained at the time.
The current administration indicates that no further turnaround will be attempted.
Implications for the Jewellery and Accessories Trade
As a mass-market retailer of fashion jewellery and handbags, Colette’s withdrawal highlights the ongoing pressure on value-driven accessories businesses with a heavy reliance on physical store networks.
For jewellers, particularly those operating in shopping centres, the brand’s closure may create short-term movement in customer demand and leasing opportunities. The departure of a national player could also affect competitive dynamics within the fashion accessories segment, depending on how the vacated market share is redistributed.
