Secrets Shhh rescued, sold to UAE jewellery group
Collapsed jewellery retailer Secrets Shhh has been rescued after it found a buyer for its business and assets.
Secrets Shhh’s parent company, Secrets International Pty Ltd, went into administration last month and appointed Kate Warwick, Kelly Trenfield and John Park of FTI Consulting as joint and several administrators.
The administrators confirmed on Tuesday they had executed binding documents to sell the company’s business and assets to Amaar Jewels for an undisclosed sum.
Under the terms of the transaction, the majority of retail stores will transfer to the buyer, as well as more than 100 staff. The deal ensures continuity for customers, employees, and key stakeholders, while enabling the brand to move forward.
At the time of the administration process, Secrets Shhh was operating an online channel and 23 boutique stores nationally.
“This transaction represents a significant milestone in securing the ongoing operation of the Secrets Shhh brand and provides a strong foundation for its continued presence and growth across the Australian retail market,” said Trenfield.
Amaar Jewels is a privately owned jewellery group headquartered in Dubai, the UAE. As the new owner, the group plans to expand Secrets Shhh’s offering by introducing new collections, enhance its retail and customer experience, and work closely with the existing teams to drive long-term growth.
The group’s broader vision is to grow the Secrets brand beyond Australia and introduce it to international markets, leveraging its global experience and supply-chain capabilities.
Comment Manually
You must be logged in to post a comment.
No comments