2009 saw Australian label Ksubi grace BRW’s Young Rich List with an estimated net worth of $21 million, diversify their revenue streams and increase national distribution points in a 33 store deal with David Jones.
However according to an article published in yesterday’s SMH the brand “has been placed into voluntary administration to help ensure its future.”
Ksubi’s owners Dan Single and George Gorrow said they had been “struggling to achieve the margin necessary to fund the growth and development of the brand” but maintained that “We are and will remain fully committed to the ksubi brand and in assisting the administrator to achieve the best possible outcome,”.
The pair also stated that significant attempts had been made to ease the financial turmoil through “licensing the manufacturing and distribution of the brand to a culturally aligned, Australian-based company with overseas production experience and networks…However, despite best efforts it has not been possible to formalise a new restructure leading to the appointment of an administrator”.
Image by: Don Arnold via Getty
