Creditors on Monday voted to approve the deal, which is now expected to be finalised on Tuesday.
“The restructured company now sets a solid foundation for a profitable and sustainable business going forward,” Worrells administrator Simon Cathro said.
The company’s eponymous founder and his wife, Soula-Marie Perdis, will continue as the brand’s “creative consultants”. The approval of Ms Wang’s offer puts an end to a reported alternative bid by Mr Perdis to stay in control of the company.
At the time of the collapse, Mr Perdis blamed high retail rents, international competition and the growth of online shopping.
Ms Wang is the managing director of Access Brand Management, which manages and markets Australian and international brands to Chinese shoppers. That drives sales in Australia from “daigou” shoppers, who buy goods on behalf of clients in China.
Ms Wang told the Sydney Morning Herald and The Age last week that she planned to shore up Napoleon Perdis in Australia and then look to expand overseas, including in China.
“I am in love with the brand,” Ms Wang said. “Napoleon Perdis is an iconic brand over 23 years. Like any entrepreneurial journey, there will be an upside and a downside – sometimes they will make bad decisions and be in trouble.
“We think they are ready to grow, they just need more cash flow to grow and we will do that.”
The brand, which was founded in Paddington in inner Sydney in 1995, expanded into the US in 2004, but pulled out in 2015 after failing to turn a profit despite being stocked in well-known department stores such as Bergdorf Goodman. Over Christmas, the brand disappeared from Myer’s shelves.
Napoleon Perdis entered an exclusive supply deal with Priceline and Terry White pharmacies in August. Ms Wang on Monday thanked the pharmacies for their “unwavering support shown during the process and willingness to continue to support the brand going forward”.