The fashion industry has taken an absolute battering this year. Its bruised exterior has been repeatedly struck by bad luck, with iconic and much-loved brands collapsing at our feet. And all we can do is watch as brands, designers and businesses continue getting smashed.
Which begs the question: What‘s going on with Australian fashion? What happened in 2024? It started with talks of Dion Lee collapsing. The brand that was traipsing the runways in New York Fashion Week and a favourite among celebrities like Taylor Swift, Kylie Minogue, Dua Lipa and Troye Sivan was on top of the world. Then the cracks underneath, hidden by the facade of structured pastel corsets, leather straps and fleshy mesh cut-outs started to show, the brand stumbling from its rising star status, ultimately losing its financial backing and failing to garner any interest from potential buyers.
In May this year, Dion Lee appointed administrators after rumours of Cue Clothing – which took a controlling stake in the company in 2011 – pulling its financial backing began to circulate. Next came the collapse of Mosaic Brands, which houses brands like Autograph, Noni B, Katies, Millers and Rivers; iconic names Australians recognise as they walk through the shopping centre or their local shopping strip. Then things took an unexpected turn when IMG announced it was departing ways with Australian Fashion Week, leaving the fate of the much-loved and highly-anticipated event hanging on by a thread.
An industry han.