Former high-flying fashion startup Mon Purse collapsed after supply problems due to the COVID-19 pandemic, abandoning its celebrity rich lister investors and other financiers.
Mon Purse, founded in 2014 by News Ltd entrepreneur and former advertising sales manager Lana Hopkins, appointed Wexted Advisors liquidators Tuesday and ceased trading immediately.
Lana Hopkins, who founded Mon Purse before leaving the company in 2018, says she was « extremely disappointed » to hear about the breakdown.
With Mon Purse, buyers can design and monogram their own leather bags and accessories. This is a similar business model to shoe retailer Shoes of Prey, which collapsed in early 2019 and cost investors millions.
Mon Purse was a popular startup around 2016 where the company and its founder, Ms. Hopkins, received significant media coverage and investment, even doing business with UK and US fashion houses Bloomingdale’s and Selfridges.
Ms. Hopkins is no longer affiliated with the company as she left the company in 2018 due to disagreements with other executives. The company is now run by its sole director, former Chief Operating Officer Andrew Shub.
The company had multiple concessions in Myer, as well as two boutiques, and had completed numerous funding rounds since its inception, raised just over $ 9 million, and attracted a number of high net worth investors.
These include rich listers like real estate investor Robert Magid and Catch founder Gabby Leibovich, as well as startup founders and tech CEOs like Airtasker co-founder Jonathan Lui and Mad Paws managing director Justus Hammer. Former Deloitte partner who became a private wealth advisor, Ian Levi, also invested in Mon Purse.
They were joined by over two dozen other shareholders, many of whom were also wealthy real estate developers or private investment advisors. It is not known what rate of return, if any, they will get from liquidating the company.
Ms. Hopkins told The Age and The Sydney Morning Herald that she was saddened and « extremely disappointed » with the collapse of her previous business and found it to be a bad outcome for her employees, investors and customers.
Media reports from 2018 claim Ms. Hopkins lost control of the startup and left the business after an internal argument with Mr. Shub. However, the founder said she resigned on her own terms, citing disagreements with other directors over the direction of the company.
« I left and left the board because I had a different view than the collective about Mon Purse’s strategic direction, » said Ms. Hopkins.
Mr. Shub now runs the business and is its largest shareholder. Ms. Hopkins and her partner are watered down to less than 10 percent. Company records indicate that Mr. Shub has been a director of a number of other collapsed companies since 2010.
Data from the credit bureau CreditorWatch also shows numerous lawsuits against Mon Purse since 2018, with claims from creditors like Fedex and DHL against the company totaling nearly 200. 000 USD were charged.
Andrew McCabe, administrator of Wexted Advisors, said the liquidator firm was closed on Nov.. Appointed December 31st and began looking for « urgent » expressions of interest in the company or its assets through Thursday.
« We are working with the company’s executive director to provide an immediate financial condition assessment while seeking expressions of interest, » said McCabe. The liquidators have not yet received the company’s accounts and did not know the exact cause of the collapse.
Mon Purse’s website states that the company is currently undergoing « Scheduled Maintenance » and the company’s made-to-order range is unavailable due to the « current effects of COVID-19 ». .
The Age and The Sydney Morning Herald know the company may lack the capital to keep filling orders after sales slowed by COVID.
Comments on the company’s social media accounts show that some customers claim they placed orders earlier in the year but haven’t received them yet. The company last opened on Jan.. Posted to his social feeds October.
Ms. Hopkins is currently working on a new business, including retail, that she would like to introduce in the New Year.
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World News – AU – The soaring fashion startup Mon Purse collapses after suffering from COVID-19
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