☕️Fashion Victim

Dion Lee becomes latest Aussie label to go under.

Good morning.

Dion Lee has become the latest Australian fashion brand to bite the bullet.

The luxury label donned by celebrity fans including Dua Lipa, Taylor Swift, and Meghan Markle, entered voluntary administration on Thursday, appointing Antony Resnick of insolvency firm dVT Group to manage the process. Dion Lee joins the ranks of the beloved Tigerlily and Alice McCall houses to go under in the past 18 months.

While there is hope yet for Tigerlily, after being plucked up and primed for a 2025 relaunch by Seafolly, who knows if there will be similar appetite for a luxe label hawking $500 tops during a cost of living crisis.

ASX as at market close. Commodities and crypto in USD.

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Market movers

Shares in Xero climbed almost 9% to close at $134.84 on Thursday, after posting a double-digit rise in full-year revenue and a swing to profit in FY24. The ASX- and NZX-listed tech company reported operating revenue growth of 22% year on year, rising to NZ$1.7 billion ($1.57 billion) in the 2024 financial year. Average revenue per user of NZ$39.29 was up 14% compared to FY23 and adjusted EBITDA climbed 75% to NZ$526.5 million.

The quick sync

  • Analysts are optimistic that there is room for negotiation despite Anglo American rejecting BHP’s third takeover bid. (Capital Brief)

  • Capital Group and KKR partner to offer alternative investments to ‘mass-affluent’ clientele. (Wall Street Journal)

  • Gilmour Space Technologies wants to be the first Australian company to launch a rocket into orbit. (Capital Brief)

  • Activist investor, Palliser Capital, is pushing for Rio Tinto to abandon London listing and focus on strengthening its corporate structure in Australia. (Financial Times)

  • Directors of Nine Entertainment’s board are aggrieved at the way a complaint against former TV news boss Darren Wick has been handled. (Capital Brief)


  • News Corp and OpenAI team up to bring news articles to ChatGPT. (Capital Brief)

  • Amber Infrastructure is selling its Australian data centres to capitalise on high demand, targeting major players like Global Switch and AirTrunk. (The Australian)

  • Australian Ethical is buying Altius Asset Management from Australian Unity for $5.5m, boosting its funds under management by 19%. (BNA)

  • Employee-owned HMA Group, selling parts to Glencore and Thiess, seeks new owner for $200m. (AFR)

  • Five V Capital acquires Habit Health for $200m. (AFR)

  • Cromwell's sale and stock surge benefit Warburg Pincus-backed ESR, which wants to exit its stake. (The Australian)

  • Karoon Energy shareholders reject executive pay plan. (Capital Brief)

  • Global Payments' bid for School Bytes hits snag as ACCC raises competition concerns. (Capital Brief)

  • Virgin Money shareholders approve $5.5b takeover by Nationwide, exiting stock exchanges. (AFR)

  • Australia's CEFC invests $490m to upgrade NSW grid for a new renewable energy zone. (Capital Brief)

  • Platinum Equity eyes undervalued Fletcher Building for a potential buyout, capitalising on building material demand. (The Australian)

Capital Markets

  • Brookfield's Arc Infrastructure issues $300m bond via CBA. (The Australian)


  • Restaurant tech firms HungryHungry and MOBI merge to tackle US market, forming HHM Global Group. (Smart Company)

People moves

  • Jarden hit by post-bonus exodus: 11 staff quit after payouts. (AFR)

  • MinterEllison poaches seven PwC partners for consulting division. (AFR)

  • Orica shakes up executive team: CFO Kim Kerr exits, John Cooper to head North America. (Capital Brief)

☝️ Know about a deal or people move we don’t? Hit reply.

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