Collette Dinnigan's major fashion downsize

Twenty-four years after she started in fashion and following a fruitless two-year search for a business partner, esteemed Australian designer Collette Dinnigan is set to close her boutiques in Sydney, Melbourne and London and stop producing her high end signature, luxury bridal and evening attire.

She will also no longer show in Paris and David Jones is reportedly already planning to unveil a new star designer to replace Dinnigan at its autumn/winter collections show in Sydney next February.

Dinnigan, who has dressed celebrities such as Oprah Winfrey, Kylie Minogue, Nicole Kidman and Pink, says the move is not for financial reasons but because after 24 years in business, she has come to realise how much family time she has sacrificed to remain successful.

She has also spent two years looking for someone to manage the company and/or invest in it, but could not find the right person, the Australian Financial Review reports.

The dramatic scaling down of her business, which was projected to turn over $14 million in 2014, will reportedly see about 40 of her 50-odd staff lose their jobs.

She cites the publication of her memoir, Obsessive Creative, as a catalyst for her decision.

"It's made me stop and think about the amazing journey I have had thus far," she said in a statement.

"It crystallised my thinking, that I have sacrificed a lot of family time in building and maintaining my business, now I want balance back in my life with my husband, nine-year-old daughter and baby boy."

Bradley Cocks and Collette Dinnigan arrive at the 2013 David Jones autumn/winter launch. Picture: Robert Duncan/ The West Australian

Dinnigan's publicist Deeta Colvin said her decision to close had been "a very difficult one, as she is incredibly passionate about design and her entire business, including all of the people within it, but the hours and travel required to sustain what is necessary to run such a successful international company doesn't allow for the time she and her family need."

Dinnigan's choice to announce her shock decision also happens to occur on her late mother's birthday, proving the point about how she wants to spend more time with her young family.

"It is my mother's birthday today, she died 20 years ago and that sense of loss never goes away ... I still miss her very much. I have two children of my own now, I don't want to miss any of those special moments with my children because my work got in the way. I haven't stopped for 24 years, but I do not believe that any moment spent with you children is not a wasted moment," Dinnigan told Fairfax.

"I am doing this with total honesty and with my integrity intact. People like to speculate that something must be wrong, or that we are in trouble, but it is not that at all. It is about me being able to make a decision about the brands which respects their value."

The 48-year-old designer gave birth to her second child last November, a son, Hunter, to her husband Bradley Cocks, whom she married in mid-2011. She also has a nine-year-old daughter Estella from a previous relationship.

Her business will close at the end of 2013, with retail closing early in the New Year.

But her diffusion line, Colette by Colette Dinnigan, will continue, along with her children's line, Colette Dinnigan Enfant, and other design deals.

Collette by Collette Dinnigan will continue to be sold through David Jones, Neiman Marcus, Net-a-Porter, Matches Fashion and selected boutiques.

Collette Dinnigan Enfant will be re-launched in November 2013 and will continue to be sold through David Jones stores.

Collette Dinnigan with Miranda Kerr at the 2006 David Jones spring/summer launch. Picture: Robert Duncan/ The West Australian

Dinnigan will continue to design eyewear for Specsavers and says she looks forward to design opportunities involving hotels, homewares and interiors.

South African-born Dinnigan developed an international following for her romantic, lingerie-style dresses, delicate lace pieces and intricate beaded gowns.

She is a member of the Chambre Syndicale du Pret-a-Porter des Couturiers et des Createurs de Mode, and is the first and only Australian designer to have been invited to show on the prestige Paris fashion schedule.

At least two other high-profile Australian designers have seen major changes to their fashion retail businesses this year.

Lisa Ho’s business collapsed with debts of $17 million and allegations of financial improprieties, while Alannah Hill severed her ties with the eponymous chain after falling out with long-time backer David Heeney.