Dion Lee: Renowned Australian fashion brand beloved by A-list celebrities faces financial turmoil as it enters administration

• The Australian franchise of Dion Lee collapses
• Major partnership deal was cancelled
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A major Aussie fashion brand that made designer clothing worn by superstars such as Taylor Swift and Dua Lipa has entered administration. 

The Australian franchise of clothing and apparel brand Dion Lee entered voluntary administration on Thursday after a partnership deal collapsed. 

Antony Resnick, a liquidator from insolvency firm dVT Group, was appointed as the administrator for Australian Dion Lee.

dVT Group is also in the process of considering investors for the company to strengthen their current financial position. 

The business is understood to continue to trade until the company is restructured

The fashion label is understood to have entered administration after a partnership deal fell through. 

Major clothing label Cue Clothing Co, reportedly ended their partnership agreement with Dion Lee and also cancelled their investment in the business according to The Australian. 

Cue Clothing Co first became a partner with Dion Lee more than a decade ago and the company was also a shareholder in the business. 

Daily Mail Australia has contacted Dion Lee for comment. 

The business found renewed fame after pop star Taylor Swift wore a $650 Dion Lee Crochet Corset Top at the Super Bowl as she cheered on her boyfriend Travis Kelce.

The clothing label was founded by Australian fashion designer Dion Lee in 2009.

Since then the company has grown exponentially, with six outlets in Australia and 160 stores worldwide, including a store in the US which opened in December last year. 

Mr Lee, 38, has also collaborated with Kanye West on a shoe collection and designed clothing worn by pop star Dua Lipa. 

Some of the accessories designed by Dion Lee retail for as much as $A990. 

Mr Resnick said it is too early to assess the assets and the liabilities of the company.  

The Dion Lee brand has built global recognition and credibility in the world of high fashion,' Mr Resnick said in a statement to news.com.au.

'It is regularly worn by cultural icons and influencers. It is noted in the industry for its unique designs. All of which should attract both local and international investor interest.'

Daily Mail Australia has contacted Mr Resnick for further comment. 

A Mr Resnick also said that a creditors report, which outlines the amount of money owed to the suppliers of a business, is being prepared and a meeting is yet to be held with suppliers to discuss outstanding payments. 

Only the operations of the Australian stores are understood to have been affected and customers are still able to access the online website of the company.

The financial position of the Dion Lee store is also reportedly being evaluated.