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About Kuba Investments

Kuba Investments is an investment company formed by Livia Wang and former Witchery executive Henry Lee.

Kuba Investments Headquarter Location

Australia

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Latest Kuba Investments News

Napoleon Perdis severs ties with Napoleon Perdis Cosmetics

Jun 17, 2019

Share Makeup mogul Napoleon Perdis has been forced to cut ties with his eponymous cosmetics empire just two months after it was saved from collapse by "daigou queen" Livia Wang and former Witchery executive Henry Lee. Ms Wang and Mr Lee's Kuba Investments retained Mr Perdis and his wife Soula-Marie Perdis as creative consultants after taking control of Napoleon Perdis Cosmetics through a $1.6 million deed of company arrangement in April. However, Kuba told staff on Friday it had severed its relationship with Mrs and Mr Perdis, who founded the company 24 years ago and built it into an $80 million business before it collapsed in January owing unsecured creditors $26 million. Sources close to the company said the consultancy agreement ended because Mr and Mrs Perdis now live in Athens and the relationship had proved unwieldy. Napoleon Perdis has severed his ties with Kuba Investments, the company that took control of his cosmetics empire two months ago. Steven Siewert The company plans to bring its creative and product development functions, which were to have been overseen by the Perdis's private company, Arcadia 8, back to Australia. Advertisement However, other sources said the relationship between Mr Perdis and Kuba Investments soured after Mr Perdis attempted to regain a seat on the board and tried to establish a new brand and products for his daughter Lianna, sources said. Mr Perdis could not be contacted for comment. However, it appears he was unhappy with being forced to sever ties with the company and vented in a series of Instagram posts, saying the situation was "pathetic" and to "never give up". Under its new owner,  Napoleon Perdis is attempting to reopen about 10 of the 25-odd stores closed by the administrators and is developing plans to expand overseas, starting with China and the US, by building relationships with department stores and increasing its online operations. According to the administrators' report to creditors, Napoleon Perdis, his wife and his brother Emmanuel owed the company millions of dollars when it collapsed in January, although the Perdises disputed the value of loans from the company. The administrators found the cosmetics company was "probably" insolvent on or about September 30, 2018, after losing $2.2 million and $2.4 million in the previous two quarters. The company lost $3.8 million on sales of $81.3 million in 2015, $2.2 million on sales of $77.9 million in 2016 and $1.4 million on sales of $68.3 million in 2017. Despite the loss in 2017, the company paid $1.6 million in dividends. The dividend was an offset against directors' loans, rather than a cash dividend. Share

Kuba Investments Acquisitions

1 Acquisition

Kuba Investments acquired 1 company. Their latest acquisition was Napoleon Perdis on April 08, 2019.

Date

Investment Stage

Companies

Valuation
Valuations are submitted by companies, mined from state filings or news, provided by VentureSource, or based on a comparables valuation model.

Total Funding

Note

Sources

4/8/2019

Asset Sale

1

Date

4/8/2019

Investment Stage

Companies

Valuation

Total Funding

Note

Asset Sale

Sources

1

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