An iconic Australian luxury fashion retailer, Harrolds, has collapsed after 39 years in business, leaving behind debts of $16 million. Known for catering to celebrities and stocking some of the world’s most prestigious fashion brands, the company quietly entered liquidation at the beginning of October.
Founded in 1985, Harrolds opened its first store in Melbourne and became the go-to destination for high-end labels such as Tom Ford, Saint Laurent, Balmain, and Burberry. Over the decades, the retailer carved out a reputation for offering exclusive collections and luxurious shopping experiences.
The collapse of Harrolds comes as Australia faces an economic downturn, with over 11,000 businesses folding this year alone amid rising cost-of-living pressures and growing concerns of a recession. The fashion retailer’s downfall is another sign of the struggles facing even well-established businesses in the current economic climate.
Despite nearly four decades of success, Harrolds has now joined the growing list of Australian companies unable to weather the financial challenges brought on by the global economic environment. The liquidation marks the end of an era for the retailer that was once synonymous with luxury fashion in Australia.
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