Devotees of Aussie activewear behemoth Stylerunner were stunned by news of its potential collapse late last month.
In late October, it was revealed the company – touted as a one-stop-shop for “the world’s most coveted activewear” — had been abruptly put into receivership.
Stylerunner, an online retailer that sells a massive range of items like sneakers, leggings, vitamins and supplements, was said to be turning over $50 million annually as recently as 2018.
However, when Andrew McCabe of Wexted Advisors and Chris MacDonnell of Restructuring Solutions were appointed as receivers and managers on October 23, it seemed the writing was on the wall.
But now, it seems the business has been saved after being sold to Accent Group Limited for an “undisclosed sum” three weeks later on November 12.
The sale means the label will survive and that almost all employees will keep their jobs.
It’s also good news for customers, as the business will continue to operate as normal with all gift vouchers and orders honoured.
Mr McCabe told news.com.au it was a “great result for staff and customers” alike.
“It’s a really positive story in a retail world which is sometimes all doom and gloom,” he said.
“It has been business as usual all the way through, and although there may have been slight dispatch delays, there has been no impact to customers in the process.”
He said the business had been “trading at a loss” but that the conditions of sale meant most employees would transfer across under the new owners.
“Customers will be relieved the brand has been saved – the director (Julie Stevanja) is still on board and will continue to lead her team so it will be business as usual, but now with the support of a listed company with deeper pockets.”
Accent Group CEO Daniel Agostinelli said the sale was an exciting step for both Stylerunner and his company.
“The Stylerunner acquisition represents an exciting opportunity for Accent Group to expand
its reach into the growing women’s activewear and wellness market in Australia, and globally,” he said.
“Activewear is a style trend that isn’t slowing down and we plan to encourage its momentum
through strategic moves like this one.”
BIRTH OF AN AUSSIE ICON
Stylerunner was founded in 2012 by Aussie twins Julie and Sali Stevanja, although Sali left the business in 2015.
Julie Stevanja was inspired to launch Stylerunner after noticing a gap in the market while she was browsing online for trendy yoga wear.
She was so confident in her business idea she quit her corporate banking job and invested all her own savings to start it with her twin sister, with zero retail experience under her belt.
The gamble initially paid off, with Stylerunner emerging as the world’s first activewear online destination.
And just two years ago, Ms Stevanja was enjoying a staggering personal fortune, taking out the 87th place in the coveted AFR Young Rich list with a net worth of $30 million.
But there was no trace of her on this year’s list, which was released in late October.
AUSSIE RETAIL IN TROUBLE
Sadly, Stylerunner is just one of many household favourites to have been stung by Australia’s lagging retail climate in 2019.
In January, menswear retailer Ed Harry went into voluntary administration, and a week later, Aussie sportswear favourite Skins also revealed it was on the brink of failure after applying for bankruptcy in a Swiss court.
At the end of the month, the Napoleon Perdis beauty empire announced the cult make-up chain’s 56 Aussie stores had closed for stocktake. Administrators were appointed, and scores of stores have since collapsed.
Footwear trailblazer Shoes of Prey also met its demise this year, along with British fashion giant Karen Millen, which in September revealed it would soon shut all Aussie stores, leaving around 80 jobs in peril.
Last month, celebrity chef Shannon Bennett’s Melbourne burger chain Benny Burger was also placed into administration followed by seven Red Rooster outlets in Queensland just days later.
And just weeks ago it was revealed that popular furniture and homewares company Zanui had collapsed after it abruptly entered voluntary administration, leaving some angry customers in the lurch.
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