Celebrity-beloved Australian fashion brand Dion Lee is throwing a mega sale after collapsing into liquidation owing $35million. 

The Paddington store in Sydney will shut its doors for good on Sunday October 13.

Corset tops, trendy pants, quirky jumpers, stylish skirts and more have been heavily discounted by up to 80 per cent off and stock is expected to sell out swiftly.

Prices range from $29 for a tank top, which was originally $290, to $398 for a Chunky Cable Sweater, originally $1990. 

An email was sent out to loyal customers to alert them of the news and the items can’t be returned once purchased. 

The high-end line was a favourite of global superstars, including Taylor Swift and Dua Lipa, and entered voluntary administration in May after a partnership deal collapsed.

On August 29 creditors opted to put the business into liquidation after receiving no ‘acceptable’ offers to buy out the brand. 

The announcement came as a shock to fans and the second store in Sydney’s Strand Arcade is also expected to shut this month. 

The announcement came as a shock to fans and the second store in Sydney’s Strand Arcade is also expected to shut this month

Dion Lee went into liquidation in August after a major partnership deal collapsed (pop star Taylor Swift centre, wore a Dion Lee Crochet Corset Top at the SuperBowl in February)

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

‘The second creditors meeting heard that while there had been interest from potential buyers of the brand no acceptable offer was as yet forthcoming,’ the liquidators said in a statement to news.com.au. 

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. 

Corset tops, trendy pants, quirky jumpers, stylish skirts and more have been heavily discounted by up to 80 per cent off and stock is expected to sell out swiftly

In August creditors opted to put the business into liquidation after receiving no ‘acceptable’ offers to buy out the brand  (pictured Aussie superstars Kylie and Dannii Minogue wearing Dion Lee when they performed at the Sydney World Pride Opening Concert in 2024)

Daily Mail Australia has contacted Dion Lee for comment. 

The business found renewed fame recently 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 the namesake designer Dion Lee in 2009.

Pictured: internet and TV personality Tully Smyth wearing Dion Lee at the Melbourne Fashion Festival Runway in March

The clothing label was founded by Australian fashion designer Dion Lee (pictured) in 2009

Since then the company grew 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 retail for as much as $A990.