Australian beauty brand Napoleon Perdis has entered voluntary administration, with stores closed for stocktake from Friday 1 February and hundreds of jobs on the line.
Speaking to Your Money Live, the company’s eponymous founder issued a passionate defence of his business and attributed blame for its demise to a wide range of factors from “greedy [lenders]” to declining “foot traffic” in the retail sector and entry of multinational fashion brands to the Australian market.
Perdis pointed to ongoing relationships with partners Priceline and Terry White Chemists as a lifeline for the business as it seeks to stem the damage to staff and stakeholders.
Comparing himself to biblical figure Mary Magdalene, he said everyone makes mistakes and called on budding entrepreneurs to shun fear of failure.
“I’m homegrown and this story should not be a story about how someone fails,” Perdis said. “To start in [western Sydney suburb] Parramatta and do what I did…I want to encourage all the young people out there to go for it.”
The entrepreneur and former reality TV star said keeping your ego in check and treating your staff like family members were top lessons from his life in business.
Watch the full interview with Napoleon Perdis in the video above.