A beautiful result for Napoleon Perdis cosmetics

Business profile

  • large, iconic Australian cosmetics company operating >25 years

  • at its peak: 84 concept stores/kiosks Australia wide

  • expanded into international markets

  • turnover >$55 million

  • director integral to brand value.


Retail as an industry is becoming increasingly more competitive. Customers are preferring to shop online, and profit margins on bricks and mortar stores are reducing. And this case study was long before COVID-19 hit global and local economies.

The Napoleon Perdis directors implemented a range of cost-cutting strategies where possible to improve the bottom line; however, lease and employee entitlement obligations made this process somewhat futile.

An unsuccessful private business sale campaign followed, due to the clear need for a business restructure to 'right size' the retail profile. Worrells were appointed voluntary administrators to continue trade while restructuring the business for a potential buyer under a Deed of Company Arrangement (DOCA) solution.

Worrells' actions

We determined that 28 of the 55 stores must close as they were simply unprofitable and not capable of returning to profit. The closure of these stores was an integral step in the administration process. Shortly thereafter, the Business returned a profit for the remaining stores. Notably, sales increased to levels not seen in some 12 months prior to our appointment.


Four months following our appointment, the Napoleon Perdis creditors voted to accept the Deed of Company Arrangement. The key outcomes were:

  • Creditors' Trust structure enabled immediate company handover to new owners.

  • Quick dividend distribution (fast turnaround = minimal 'footprint').

  • Business intellectual property and stakeholders preserved.

  • An iconic Australian business saved.

Point of difference

  • Our local and national structure deployed Worrells teams to the Napoleon Perdis stores from the outset and throughout the administration.

  • Our proprietary tech delivered a greater return to creditors.

  • The business sale’s Creditor Trust structure enabled a fast turnaround and minimal footprint on future business operations.

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