Designer Josh Goot has announced his eponymous fashion label has been placed into voluntary administration, saying the move was necessary to save his 10-year-old business.
“The retail market has witnessed a prolonged downturn since the GFC in 2008 and we are proud that we have been able to sustain and grow the business throughout the challenging period, while manufacturing exclusively in Australia,” he told the Australian.
“We now need to take some time to restructure to protect the long-term interests of the brand and all involved.”
The fashion label is the latest casualty in a brutal Australian market. Other recent closures include Alannah Hill, Lisa Ho, Collette Dinnegan, Marnie Skillings and Kirrilly Johnson.
Insiders cite the influx of international high street brands and online fashion retailers, the crowded domestic market and the value of the Australian dollar as ongoing pressure for homegrown fashion brands.
Goot described the market as “challenging”. “We are (as a brand), I think, unique in the Australian landscape and that doesn’t necessarily make our experience easier, but I also think that it does give us a real future and that’s what we’re going to be working to secure.”
The label is currently stocked in standalone stores in Sydney and Melbourne and in department store David Jones. It also reportedly has 20 international stockists. Despite the label’s financial worries, the autumn/winter collection will land in stores in March, and production is reportedly under way for the spring/summer collection. Goot says he hoped the move would strengthen the label. “We’re confident that we can emerge from the voluntary administration as a better business.”
Known for his clean sculptural aesthetic, Goot has long been touted as one of Australian fashion’s hottest talents. His 2005 debut collection was awarded the Tiffany & Co young designer of the year award, and the Sydney-based designer has shown in London and New York.
The label enjoys a strong celebrity following with Cate Blanchett, Solange Knowles and Kim Kardashian having been photographed wearing his dresses at red carpet events. Last week, actress Mia Wasikowska chose a graphic floral dress from the pre-fall 2015 collection to wear to the Aacta awards.
Josh Goot has been contacted for comment.
