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Dana Mathers’ fashion businesses went into liquidation in November 2012 after the funding behind her US expansion was withdrawn, according to a retrospective PerthNow report published on 19 January 2014. The report described a label that had reached US retailers and attracted celebrity attention, but whose owner’s representative said it could not afford to turn orders into production once its investor pulled support.
What happened to Dana Mathers’ fashion businesses?
Dana Mathers International Pty Ltd (DMI) was placed in liquidation on 19 November 2012. PerthNow reported that it owed $1.7 million to 33 creditors, most of that amount to Richmond Equity Fund. Strange Love Pty Ltd, a separate company that carried the name of Mathers’ former Carillon City store and controlled her domestic interests, was also placed in liquidation that November. The report said its liquidator did not then have details of its winding up or debts.
The headline “Queen of the prom gown loses crown” was a description of Mathers’ prominence in the local school-ball market, not the name of a formal award. The report presented the collapse as the end of a fashion business whose expansion in the United States had depended on outside financing.
Why did the label collapse?
The reported withdrawal of investment
Ray Sparvell, Mathers’ husband and public-relations representative, told PerthNow that the business had been doing well until its financial backing was unexpectedly withdrawn. He said the couple returned from a US selling trip in August 2012 with orders for a new season, then learned that their investor’s business had encountered difficulties and that support would end.
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Sparvell said DMI did not have the working capital to place production orders for 250 retailers or keep operating and marketing. He described a narrow window to find replacement financing because production needed to begin within two weeks. These are his attributed explanations in the 2014 report, not independently audited findings.
The reported connection to Richmond Equity Fund
PerthNow described Richmond Equity Fund as the source of about $1 million in lending for the US expansion and as a sub-fund of the Addwealth Achiever Fund. The report associated Richmond with former Addwealth Pty Ltd chief executive and financial planner Paul Foster. It said investors in Addwealth Achiever Fund voted in October 2012 to sever ties with Foster amid reported losses of up to $40 million; that figure referred to the fund context, not Mathers’ businesses.
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Liquidator Mervyn Kitay told PerthNow that a Supreme Court appointment of a new trustee to the former Foster-controlled fund had the effect of Mathers “going out with the bath water.” The article said Richmond and the Addwealth funds were then managed by Primary Securities. These financial relationships describe the situation as reported in 2014; they are not a current account of the funds or court proceedings.
How successful was the prom-gown label?
PerthNow portrayed Mathers as a local designer whose gowns were popular for school balls before she focused on the US market. The report said her designs were stocked in 250 US stores. It also reported that Kendall Jenner wore a Mathers gown in Teen Prom in December 2011 and that Wheel of Fortune host Vanna White wore the label’s dresses.
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The contrast at the center of the story is between visibility and the ability to deliver: Sparvell said the company had orders, but lacked the cash needed to place production orders after its backer withdrew. The report does not provide independent sales, revenue, or order-fulfilment data.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.What happened to the remaining gowns?
The 2014 report described up to 1,500 remaining gowns as being sold online as collectors’ items during the liquidation. It said Mathers had agreed to sign each gown sold. That is a historical account of the liquidation period; the report does not establish whether any of those dresses remain available today.
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What the report establishes—and what it does not
- Established in the 2014 account: DMI and Strange Love entered liquidation in November 2012, and DMI was reported to owe $1.7 million to 33 creditors.
- Attributed explanation: Sparvell blamed the loss of investment backing and insufficient working capital for the inability to produce orders and continue operating.
- Not established by that report: final creditor recoveries, independently verified financial records, subsequent court outcomes, the current status of the people or funds named, or present-day availability of Mathers gowns.
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