Greek Australian celebrity makeup king Napoleon Perdis is liquidating his million dollar empire and hundreds of employees could be at risk of losing their jobs.
Having faced several tough financial predicaments since 2014, Mr Perdis had to resort to putting his namesake cosmetics chain up for sale.
It appears that since the expansion of beauty giant Sephora in Australia, the home-grown company has suffered an even bigger blow.
Even though Napoleon Perdis products had been available at Niemen Marcus, Nordstrom and Bergdorf Goodman, in 2015 Perdis decided to pull out of the high-end Australian market as sales were low in comparison to other, mainly international brands.
Mr Perdis has 56 stores nationwide including several concession outlets inside Myer stores.
The company has reportedly appointed administrators from Worrells Solvency and Forensic Accountants this morning while Worrells partners Christopher Cook, Simon Cathro and Ivan Glavas have been appointed as joint liquidators.
Mr Perdis, his wife and company manager Soula-Marie and their children all reside in Athens, Greece now while his brother and co-owner Emanuel Perdis still resides in Australia.