Napolean Perdis directors attempted to sell the business for several months, prior to the appointment of administrators yesterday.
The beauty brand regularly sponsored fashion showcases and once held concessions with David Jones.
Worrells Solvency Accountants confirmed the business, helmed by Napolean Perdis, appointed administrators Simon Cathro, Chris Cook and Ivan Glavas on January 31.
The Napoleon Perdis brand has a 24-year trading history and has 56 stores nationally.
The first concept store in Sydney opened in 1995 and its brand retail presence extended overseas, predominantly in the US for over a decade; today its online store ships internationally.
The Napoleon Perdis directors have been trying to sell the business for several months.
The current plan for the administration process is to see whether the business can be restructured through the process or a buyer is found while the business continues to trade.
Napoleon Perdis said he believed in its future viability.
“The brand is still in high demand from our customers and is more innovative than ever, so by restructuring the business in this manner, we believe, puts it in a prime position to continue to evolve through continued trade or in a sale.
"My family and I are 100% committed to achieving the best outcome for all stakeholders. We are fortunate that throughout our business, we have staff and teams who have not only underpinned the business success, but who are our extended family.
"Their unwavering contribution will undoubtedly pave the way for the successful and strategic trade on. As we work towards our goals, we ask customers, suppliers and other interested parties to continue with their valued support of the brand”.
The Napoleon Perdis Group has an exclusive agreement with retailer Priceline, which has vouched its support of the business during the administration process.
Napoleon Perdis launched in over 200 Priceline stores from August 2018.
Worrells will continue to trade all stores as usual and will undertake daily assessments of the stores throughout the administration process.
The stores will be closed for stocktake on Thursday, 31 January and reopening for business on Friday, 1 February with an expected sale campaign occurring.
Worrells intend to seek buyers/investors through a sale of business process and key Napoleon Perdis team members will assist Worrells with this process.