Less than a year after a successful headline runway show at New Zealand Fashion Week, womenswear label Andrea Moore is in liquidation to the tune of $2.54 million.
Andrea Moore has been in operation since 2004, and has seven boutique retail stores. The brand has also branched out into jewellery, footwear, eyewear, bags, and has sold a diffusion line called I AM through Farmers’ stores since August 2016. Andrea Moore introduced an activewear and swimwear range at its New Zealand Fashion Week runway show in 2017.
The show included garments modelled in a specially created performance by Royal New Zealand Ballet dancers, and the activewear garments were introduced in a coordinated dance from prominent Kiwi health and fitness influencers.
A new store was opened at Christchurch’s The Crossing in September 2017. In a press release from that time, a spokesperson from Andrea Moore spoke of 2017 as “a year of sustained growth for the brand.”
Speaking to NZ Retail magazine a year ago, founder Andrea Moore was excited about the opportunities afforded by her brand’s successful equity crowdfunding on Snowball Effect.
“We’re genuinely excited about the growth opportunities available to Andrea Moore. The Snowball Effect platform appealed to us as a very democratic way of reaching a broad range of investors. It allows us to connect with the growing market of people out there who are looking for high growth private enterprise opportunities outside the more traditional avenues, such as investing in the stock market. Many of those people are our customers – so we also saw it as a way to bring our customers even closer as we progress on our journey as a business. We are definitely looking at global expansion but first we are consolidating our New Zealand platform – then we will be full steam ahead.”
On January 8 2018, secured creditor BNZ appointed receivers Conor McElhinney and Andrew John Grenfell of McGrathNicol, under their General Security Agreement. Ten days later, Andrea Moore was tipped into liquidation by a special resolution of its shareholders. Keith Harris and Wayne Deuchrass of Insolvency Management were appointed liquidators.
In the first liquidators’ report, Harris and Deuchrass attributed Andrea Moore’s insolvency to “a significant amount of stock being delivered late and large scale construction and traffic roadworks outside 5 of their 7 stores in Auckland and Christchurch.”
The company owes more than $2 million to secured creditors, which includes BNZ, Woodhouse Apparel and several textile companies; and nearly $550,000 to unsecured creditors such as New Zealand Fashion Week and the Milford Centre. The total amount owing to creditors is yet to be confirmed, and all stores currently continue to trade.