Purely Byron, the skincare brand co-founded by model/actor Elsa Pataky and backed by her husband, Hollywood star Chris Hemsworth, has collapsed less than a year after its first product launch.
Documents lodged with the Australian Securities and Investments Commission (ASIC) show that Cameron Gray and Justin Holzman of DW Advisory were appointed as administrators of Purely Byron Pty Ltd on Friday.
Signs of trouble emerged last month when embattled beauty group BWX, which owns 47 per cent of Purely Byron, wrote down the value of its stake by $2.8 million for the December half year.
Former BWX employees, chief financial officer Efee Peell and chief executive officer Rory Gration, resigned from the Purely Byron board of directors at the time they departed BWX in November and February, respectively. They were not replaced.
Pataky helped develop the skincare range using botanical ingredients from the Byron region, which has been home for the famous couple for most of the past decade.
“When I moved [here], I immediately felt connected to Byron Bay’s natural beauty,” she told Grazia magazine in the lead-up to the launch in June last year.
“I started discovering all these natural botanicals, which are so powerful and clinically proven – they really work! I fell in love with all the different ingredients that grow here, so when the idea came about to make it happen with my co-founders, I was so excited,” she said.
In the documents lodged with ASIC, one of the administrators, Justin Holzman, said he was first approached by Purely Byron directors Lance Kalish and Ido Leffler on February 25 and held a series of meetings to determine the company’s solvency and options for the board. The fifth and final meeting was held March 9.