Local designer label Dion Lee has entered voluntary administration, bowing to economic pressures.

Antony Resnick of insolvency firm DVT has been appointed as administrator. Speaking to the Sydney Morning Herald, Resnick said it was “too early to comment in any detail” but that “our intention at this time is to operate the brand as a going concern”.

Cue, which acquired a major stake in the company in 2013, recently pulled its investment to focus on its other labels. The loss of Cue’s funding is reported to have had a significant impact on Dion Lee. There have been signs the fashion house was looking to diversify and shore up support from other markets. It missed last year’s New York Fashion Week (where Lee has been exhibiting for the last decade) in favour of a Shanghai Fashion Week debut that would have improved the brand’s standing in the Asian market.

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Resnick said he was “assessing all options” in relation to the US business and will be preparing reports for a creditor’s meeting in coming weeks.

Since 2009, the eponymous label has grown to become one of Australia’s most identifiable design exports. Lee has seven Australian stores spread between the designer’s hometown of Sydney as well as Melbourne and Brisbane. The brand’s first international retail store opened in Miami’s Design District late last year.

In February, Lee received a wave of positive press when Taylor Swift wore the brand’s crochet Suspend corset to the Super Bowl. The highly photographed moment led to the top selling out in a prime example of Swiftenomics.

Swift is not Lee’s only high-profile fan. Pop star and Aussie royalty Kylie Minogue wore a custom Dion Lee jumpsuit while performing at Sydney World Pride last year. Megan Fox, Dua Lipa, Julia Fox and Gigi Hadid have also been spotted in the Aussie label.

Lee is both a past winner of the Australian Fashion Laureate and the National Designer Award.

Representatives for Dion Lee have been contacted for comment.