The Australian $ 50 million company Stylerunner is saved only three weeks after the administration starts
Activewear brand Stylerunner is saved from collapse at the eleventh hour after twin sister owners sell the struggling company for $ 50 million
- The Australian online retailer Stylerunner was brought into administration last month
- The company was bought out within three weeks of starting the administration
- Last year founders Julie and Sali Stevanja announced that it had rolled more than $ 50 million
A $ 50 million asset brand was saved from collapse just weeks after the company announced it would go into administration.
Stylerunner, founded in 2012 by Australian twins Julie and Sali Stevanja, was released on Tuesday for an & # 39; undisclosed amount & # 39; sold to Accent Group Limited.
The sisters, both of whom are 38, announced that their company was going into administration on October 23 – one year after they claimed the company made $ 50 million annually.
The sale was welcomed by customers who were assured that gift vouchers and orders will be honored.
Online retailer Stylerunner was founded in 2012 by Aussie twins Julie (right) and Sali (left) Stevanja, both 38
The 38-year-olds announced that their company had entered administration on October 23 (Sali (left) Julie (right))
Andrew McCabe from Wexted Advisors and Chris MacDonnell from Restructuring Solutions, were looking for a buyer for the problem and are satisfied with the result.
& # 39; Customers will be relieved that the brand has been saved – the director (Julie Stevanja) is still on board and will continue to lead her team, & # 39; Mr McCabe said news.com.au.
& # 39; … so it will continue as usual, but now with the support of a listed company with deeper portfolios. & # 39;
Daniel Agostinelli, CEO of Accent Group, said the purchase was a & # 39; exciting opportunity & # 39; was for Stylerunner and his company.
& # 39; The acquisition of Stylerunner offers Accent Group an exciting opportunity to expand its reach to the growing market for ladies' clothing and wellness in Australia and globally, "he said.
& # 39; Activewear is a style trend that does not slow down and we intend to stimulate momentum through strategic movements such as this. & # 39;
Stylerunner (clothing pictured) – within three weeks of announcing their records, the company was purchased by Accent Group Limited
Stylerunner sells a wide range of fitness clothing, shoes, accessories and wellness products.
Sali left the company in 2015 and left her sister in 87th place in the AFF Young Rich list two years later with a net worth of $ 30 million.
Julie Stevanja was the sole owner until external investors recently took a 59 percent stake, putting Stylerunner at $ 8 million.
During the first three years of the company, Stylerunner grew by 1736 percent.
Many foreign companies have closed their stores in Australia over the past 12 months, including major brands Espirit, Ziera shoes, Karen Millen and Ed Harry.
Earlier this month, the hamburger chain of the famous chef Shannon Bennett, Benny Burger, was also placed in the administration, followed by seven Red Rooster stores in Queensland.
Daily Mail Australia has contacted Stylerunner for comments.
During the first three years of the company, Stylerunner (website pictured) grew by 1736 percent
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