Cue Clothing and Veronika Maine sold to UK’s Hilco Capital
British investment firm Hilco Capital has acquired Australian fashion brands Cue Clothing and Veronika Maine from the Levis family. The transaction, finalised in early April 2025, marks the end of over 60 years of family ownership.
Transaction snapshot
Deal value: Undisclosed
Deal multiples: N/A
Deal type: Acquisition
Investors: Hilco Capital (UK)
The sale follows a challenging financial period for Cue & Co Pty Ltd, which reported a net loss of $2.36 million in FY23, despite a revenue increase to $106.2 million. Rising costs, including a $7 million surge in employee benefits and increased occupancy expenses, contributed to the downturn.
As part of the acquisition, CEO Simon Schofield will depart in August. Melanie Remai, formerly General Manager at Trenery (Country Road Group), will assume the role. Remai brings over 25 years of retail experience, including leadership positions at Calvin Klein, Gap Inc., and APG & Co.
Executive director Melanie Levis, daughter of founder Rod Levis, has also exited the company. Additionally, former executive director Justin Levis is pursuing legal action against his parents over succession plans.
Hilco Capital, known for restructuring distressed businesses, previously assisted in turning around Glue Store before its sale to Accent Group. The firm plans to support and invest in Cue and Veronika Maine to revitalise the brands.
