Major Aussie fashion brand enters voluntary administration

The retail industry has seen many brands enter administration or close shop.

This reflected the vulnerable state of the industry post-pandemic.

In a recent development, the parent company of homegrown clothing brands joined one of the many companies with an uncertain future.


Mosaic Brands—a fashion retailer behind brands like Millers, Rivers, and Katies—has entered voluntary administration.

The announcement affected nearly 3,000 jobs and more than 700 retail stores nationwide.

The Australian Securities Exchange (ASX) announced the brand's decision.


compressed-mosaic.jpeg
Mosaic Brands previously housed nine brands under their name. Image Credit: Mosaic Brands


The administration came after a previous announcement last month that Mosaic would shut down five of its brands—Rockmans, Autograph, Crossroads, W.Lane and BeMe.

Closing down these brands was initially a move to focus on its remaining core brands.

However, despite restructuring efforts, the company did not get the necessary support from a few key stakeholders and has faced challenges with a major government commission.


Despite entering administration, Mosaic Brands assured customers that it would continue to trade throughout Christmas and the holiday period.

Shoppers may still shop at any Mosaic Brands stores.

However, the long-term future of these brands remains uncertain.

FTI Consulting stepped in as the administrator, and KPMG will be handling the retailer's operations.

Both teams should stabilise the company and preserve the value of its brands, famous among Australians in regional areas where options may be limited.


Earlier this year, the brand faced allegations from the Australian Consumer and Competition Commission (ACCC) for breaching the Australian Consumer Law.

The brand has allegedly misled consumers about delivery times and consumer guarantee rights.

Mosaic Brands' share price also plummeted from $2.30 in January 2020 to 3.6 cents before trading was suspended in August.

This dramatic drop reflected the broader challenges the brand has been facing, including changing consumer habits, the rise of online shopping, and the economic impacts of the COVID-19 pandemic.


Mosaic Brands may close a few stores, reducing local shopping options and jobs in respective communities.

It could also result in clearance sales, offering an opportunity for bargain hunters.

Overall, Mosaic Brands' situation is a reminder about supporting local brands and stores.

The retail landscape is ever-changing, and with it, shopping habits also adapt.
Key Takeaways

  • Mosaic Brands, the company behind Australia's popular fashion brands, has entered voluntary administration.
  • The company will undergo restructuring, with FTI Consulting and KPMG overseeing the process.
  • The decision for voluntary administration came after failure to secure support from several parties and recent allegations from the ACCC.
  • Despite administration, Mosaic Brands will continue to trade throughout the Christmas season.
Have you shopped at Millers, Rivers, Katies, or any Mosaic Brands stores recently? What does this mean for your shopping habits? Share your thoughts with us in the comments below.
 
Sponsored
It's no wonder they did they own far too many companies - they almost have the monopoly on the market! Plus for years i have been complaining to them that they need to sack their buyers because they are buying poor quality $h*t that the stores can't sell. You see it left there even on markdown or sales - heaps of ugly patterned material or stupid designed clothing. Particularly the up at the front-down at the back skirts; the skirts and dresses with slits to the wahzoo or shirts with one shoulder or holes in them; not forgetting the puffer vests and jackets that make everyone look like the michelin man! Plus their covid foray into homewares that were grossly overpriced.

Heck they were overpriced for all their clothes or shoes anyway and they cut out the free delivery to store for online orders and the sizing were all over the place - what fit in one brand didn't fit in another in a size.

Hope someone buys some of the brands from them and restores them to what the brands once were.
 
I have shopped at Rockmans a couple of weeks ago. I bought many clothes from Beme for years, Millers has been a favourite for 30 years and Most of my wardrobe comes from these 3 shops and I've always found them to be good quality, fir perfectly and good price.
How will aI shop without them? I always bought from KTies and loved the styling. What a shame if these have to close!
MISTYMOONBEAM.
 

Join the conversation

News, deals, games, and bargains for Aussies over 60. From everyday expenses like groceries and eating out, to electronics, fashion and travel, the club is all about helping you make your money go further.

Seniors Discount Club

The SDC searches for the best deals, discounts, and bargains for Aussies over 60. From everyday expenses like groceries and eating out, to electronics, fashion and travel, the club is all about helping you make your money go further.
  1. New members
  2. Jokes & fun
  3. Photography
  4. Nostalgia / Yesterday's Australia
  5. Food and Lifestyle
  6. Money Saving Hacks
  7. Offtopic / Everything else
  • We believe that retirement should be a time to relax and enjoy life, not worry about money. That's why we're here to help our members make the most of their retirement years. If you're over 60 and looking for ways to save money, connect with others, and have a laugh, we’d love to have you aboard.
  • Advertise with us

User Menu

Enjoyed Reading our Story?

  • Share this forum to your loved ones.
Change Weather Postcode×
Change Petrol Postcode×