Panache Lingerie Fits Into New Office Lease at 286 Madison

286 Madison Avenue (Photo: CoStar).

Full-busted lingerie and swimwear company Panache Lingerie is moving its offices to 286 Madison Avenue between East 40th and East 41st Streets, Commercial Observer has learned.

Panache Lingerie signed a lease for 3,800 square feet on the entire 23rd, or penthouse, floor of the building in a 10-year deal, according to Bert Rosenblatt, a principal at Vicus Partners, who negotiated the deal on behalf of Panache. The asking rent on the 23rd floor in the 125,976-square-foot building was $60 per square foot. It is a walkup penthouse from the 22nd floor.

“Their lease was up and they needed more space,” Mr. Rosenblatt said.

Panache, which sells lingerie and swimwear for the D-plus woman, has a retail store at 40 East 34th Street.

The company will be moving from 183 Madison Avenue at the southeast corner of Madison Avenue and East 34th Street later this month, Mr. Rosenblatt said.

Cushman Wakefield‘s Joshua Goldman and David Rosenbloom represented the landlord, APF Properties, in the deal. CW declined to comment.

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Fashion house that has operated since 1996 collapses into voluntary …

A Melbourne-based clothing manufacturer and wholesaler founded in 1996 has entered voluntary administration.

LM Australasia started out producing and wholesale women’s lingerie before growing into a fashion house that specialised in seamless garments, including knitwear, tops, leggings and shapewear.

The business is based in the Melbourne suburb of Collingwood and, in 2010, employed 20 staff in Australia. At the time it also had an office in China, with a staff of 10.

At the time, LM counted the likes of HM, Rip Curl, Billabong and Witchery among its clients.

LM founder Michel Abeysekera decided to close his South Yarra retail store in September 2014, according to the ABC, choosing instead to focus on wholesale and online sales.

However, Anthony Cant and Simon Nelson of Romanis Cant were appointed as administrators of LM Australasia on June 3.

The first meeting of creditors is scheduled to be held in Melbourne on June 15.

Abeysekera told the ABC last year local clothing retailers were feeling the pinch from international fashion giants entering the local market.

“We’ve had the major mega retailers of the world come in,” he said.

“In addition to that, we’ve had mega online retailers also attach this market and there are cases of some online retailers from the UK taking a million dollars in sales a day from this market.”

But Abeysekera said he still believed there was a future for home-grown retailers in the face of increasing global competition.

“I believe the outlook is bright for the brace – the ones who are willing to stand and take on the international retailers, do a unique Australian product,” he told the ABC.

“Retail is changing drastically. It’s a different paradigm.”

SmartCompany contacted LM Australasia and Romanis Cant but did not receive a response prior to publication.

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