Administrators Simon Cathro, Chris Cook and Ivan Glavas of Worrells Solvency Accountants will now consider a restructure or pursue the sale option while the business continues to trade.
All Napolean Perdis stores closed on Thursday for a stocktake and are scheduled to reopen on Friday with an expected sale campaign.
The collapse of the company, which follows similar woes at retailers including Laura Ashley, Roger David, Marcs, Pumpkin Patch, Payless Shoes and Rhodes & Beckett, comes after the arrival of international beauty products competitors Mecca and Sephora.
"The Napoleon Perdis brand is an iconic brand of Australia with substantial value and relevance within the cosmetic industry both for Australian and international markets," Mr Cathro said.
"Our understanding of the brand and its businesses has only strengthened our assessment of its potential business performance and profitability".
Mr Perdis said he and his family were committed to achieving the best outcome for all stakeholders.
"The brand is still in high demand from our customers and is more innovative than ever," he said.
"So restructuring the business in this manner, we believe, puts it in a prime position to continue to evolve through continued trade or in a sale."
Worrells said it will continue to trade all stores as usual and undertake daily assessments of the stores throughout the administration process.
The Napoleon Perdis Group has an exclusive agreement with Priceline, who vouched its support of the business during the administration process.
Napoleon Perdis launched in over 200 Priceline stores from August 2018.