The Australian fashion world has been rocked today by the news Collette Dinnigan is closing her business after 24 years.
Citing a need to spend more time with her family, and regaining balance in her life, Dinnigan said the decision came after 12 months of reflection.
“After losing my mother at a young age, I know that it is incredibly important to spend as much time as you can with young children,” the designer said.
“Global business is a relentless thing, however, this business has continued to strive and grow thanks to great supporters like you,” Dinnigan wrote.
The Collette Dinnigan label is stocked by a number of retail giants, including David Jones, where certain ranges will continue. The label also own boutiques in Sydney, Melbourne and London which will close early next year.
In her only interview so far regarding the announcement, Dinnigan told The Australian Financial Review that there were no financial reasons forcing the closures.
Dinnigan also told the AFR that she had spent two years looking for someone to be her successor – effectively taking over the management of the company, but could not find a suitable candidate. The business was projected to turn over $14 million in 2014.
The news follows a number of other high-profile Australian designers to have dramatically exited the fashion business. Lisa Ho’s fashion empire recently collapsed with debts of nearly $20 million, and Allanah Hill ended her association with the brand bearing her name, after falling out with her business partner earlier this year.