Lisa Ho shuts up shop
Sydney designer famous for dressing stars such as Delta Goodrem and Jennifer Lopez suffers financial collapse
Sydney-based Ho, who started her career selling her wares at Paddington market, announced on Tuesday via her long-time publicist, Adam Worling, that the business, which includes standalone boutiques in Sydney, Melbourne and Brisbane, an online store, exclusive distribution throughout David Jones and a dedicated bridal collection, would close its doors forever on 30 June.
The Lisa Ho Group reported a $2.4m loss last financial year and was put into administration last month. Administrators Barry Taylor and Todd Gamme of HLB Mann Judd, reportedly attempted to secure a private equity deal in a last-ditch effort to save the business but, despite “considerable interest” according to Worling, no sale resulted.
“It’s a very sad old day for her and a very busy one for me,” said Worling, head of AWPR, who shares a Surry Hills office building with Ho.
Ho was reportedly too upset to comment. She is known for her use of vivid prints, sharp tailoring and glamorous evening gowns and has created red-carpet designs for the likes of Jennifer Lopez, Sarah Wynter and Delta Goodrem. She famously made the pink beaded dress Goodrem wore to the Arias in 2003 while undergoing cancer treatment.
Faced with burgeoning competition in the retail market – notably the arrival of international high street stores Zara and Top Shop, the online threat and the emergence of a new breed of Australian designers such as sass & bide and Josh Goot revered on the world stage – the Lisa Ho brand has been plagued by rumours of financial crisis for several years.
The first cracks started to show in 2009 when Smoucha Fabrics, owned by Ho’s then husband, Philip Smoucha, was placed into administration reportedly owing $26m to the St George bank. Quick to distance herself, Ho issued a statement saying her company operated as an “entirely separate” business. The couple however were forced to sell their Bellevue Hill home for considerably less than initial expectations of over $20m as well as their farm in the Southern Highlands. And in August 2011, it was noticed that Ho’s personal collection of antiques, vintage fashion and art – five containers’ worth, including a wall-mounted stag deer, a gilt Chanel chain bag and a rare Fendi bag – went under the hammer.
“Lisa Ho is an icon in the Australian market and it’s a real shame to see a brand with only a few stores, well-placed ones at that, not being able to generate the sales. I suspect it’s been coming for a while and you could argue is a combination of younger people migrating online and the state of the market,” said retail strategist Stephen Kulmar of Retail Oasis. He said that “no traditional retailer is travelling well right now” and added: “I suspect this is only the start of the casualties.”
Questioned as to whether Ho would re-emerge in some capacity, Worling’s response was that “he couldn’t say”.
Fans of the label seeking to snap up collectable pieces can now buy the current season, evening and bridal range at slashed prices in store and online until the final day of trading.
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