Designer label Dion Lee has appointed voluntary administrators in the latest high-profile business to come under pressure amid difficult economic conditions.

The fashion house, which has six stores in Australia and one in the US, is now under the control of insolvency firm dVT Group administrator Antony Resnick, who will continue running the business as a going concern as he urgently “assesses all options” relating to the US business.

“We are in the very early stages of our administration process and our focus right now is on speaking with the Australian and US-based team and getting across all the relevant operational and financial data,” Resnick said in a statement.

Resnick said the Dion Lee brand, founded in 2009 by one of Australia’s best-known fashion designers, has become a globally recognised and credible high-fashion label.

“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,” said Resnick.

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Lee attended Newtown School of Performing Arts and then TAFE NSW Fashion Design Studio. He debuted his first collection at Australian Fashion Week in 2009 at the age of 23, has showcased at London Fashion Week and has been showing at New York Fashion Week since 2013.

Lee’s clothes were beloved by celebrities the world over and in Australia, including the likes of Nadia Bartel. In February, Lee received a major boost when Taylor Swift wore a corset he designed to the Super Bowl, where she cheered on her boyfriend, Kansas City Chiefs’ player Travis Kelce.

His pieces have also been worn by Duchess of Sussex Meghan Markle, Kylie Minogue and Dua Lipa. Lee has designed the uniforms of the Opera House, where he opened Australian Fashion Week in 2018.