The insolvency firm FTI Consulting was appointed yesterday with John Park, Kate Warwick and Kelly Trenfield acting as joint and several administrators.
John Park, head of Australia corporate finance and restructuring said, “The business is trading as usual as much as possible while the Administrators undertake an urgent assessment of the company’s operations, and have commenced a sales process and/or recapitalisation of the Group.”
Secrets Shhh has had a topsy-turvy history.
The vertical integrated retailer was launched in 2000 specialising in diamond simulant – cubic zirconia – jewellery.
The company promotes itself as offering an alternative to diamonds saying its “mission continues with an ambition to provide the most beautiful jewellery; while reducing any harm to the Earth.”
Jane Meredith, along with friend Dietmar Gorlich, co-founded Secrets Shhh in Noosa, Queensland, in 2000.
Under a franchise model, it quickly grew to 26 stores across Australia and New Zealand before the 2007–2008 Global Financial Crisis took its toll, as it did on so many retailers.
It was first listed in Jeweller’s 2010 State of the Industry report with 18 stores; however, its store count reduced in the ensuing years.
In April 2017, the number of Secrets Shhh stores had fallen to only seven – four company-owned and three franchised.
Background reading: Facts, Figures, Fallacies and the Future of the jewellery industry
At that point, former Michael Hill International (MHI) CEO acquired a majority stake in the business and reinvigorated the retailer.
Parsell was well-placed for the task; he had been with MHI for 30 years and was responsible for establishing the New Zealand jewellery chain in Australia in 1987.
In October 2019, Parsell oversaw the opening of the newest Secrets Shhh store at Robina Town Centre on Queensland’s Gold Coast, bringing the total number of outlets to 17 – nine company-owned and eight franchised – almost to the same store count level as a decade earlier.
However, from January 2020, Secrets Shhh had opened eight new stores, back to its peak around 2007.
The 2024 State of the Industry Report recorded 25 stores.
The administrators have taken control of nine entities, collectively called ‘Secrets’, and will be contacting creditors, suppliers and employees immediately regarding ongoing trading information and the first meeting of creditors, which is scheduled for Friday 19 December 2025.
More reading
Secrets Shhh continues to expand store count
Secrets Shhh launches new store in Queensland