Ziera folds and appears ready for extinction after massive rebranding and online launch fails miserably
Iconic shoe company goes bankrupt after massive re-branding and online launch fails miserably
- The New Zealand shoe brand, Ziera, has voluntarily transferred the administration
- 73-year-old company, formerly Kumfs, now unprofitable amid economic tensions
- Company says that economic changes have dramatically affected revenues
An iconic 73-year-old shoe company collapsed after a huge re-branding and online launch did not come to fruition.
The New Zealand shoe brand Ziera announced on Tuesday that it was voluntarily put into administration because they are struggling to meet market demand.
The company is known as Kumfs until 2010 and says that economic changes have drastically affected revenues.
New Zealand shoe brand Ziera (photo) announced on Tuesday that they voluntarily handed over administration to McGrathNicol insolvency experts as they struggle to meet market demand
Factors include a weak local currency, rising rents and staff costs amid falling sales in stores, and additional rates due to the trade war between the US and China.
The new managers, insolvency experts McGrathNicol, acknowledged in a press release that the renewal was not effective because the market situation is becoming increasingly challenging.
& # 39; The company changed from Kumfs to Ziera to address a broader customer base, but the message about the (comfort) technology of Zier did not come through, & # 39; said manager Conor McElhinney.
& # 39; In our assessment, technology has real value and we hope to find another shoe store that takes on the Ziera cloak and continues to deliver its loyal market, while bringing the comfortable fashion message to all women. & # 39 ;
Although the online store – which was launched in 2016 – has grown by more than 50% per year in Australia and New Zealand, the women's shoe brand remains unprofitable
Although the online store – which was launched in 2016 – has grown by more than 50 percent per year in Australia and New Zealand, the women's shoe brand remains unprofitable.
In Australia, 110 employees – including part-time staff – work in 23 stores, with 140 employees in the 22 stores in New Zealand.
Founded in 1946 by podiatrists David Robertson and Mervyn Adams, Ziera shoes are sold worldwide – including the US, Canada and Singapore.
Manager Conor McElhinney said: & # 39; the company has moved from Kumfs to Ziera to address a broader customer base, but the message about Zier's (comfort) technology has not come through, & # 39;
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