Activewear company founded by glamorous Young Rich List twins goes into administration – despite claiming it made $50million last year
- Online retailer Stylerunner was placed into administration on Wednesday
- The business has hit a sharp decline since it rolled over $50 million last year
- It comes amid a long list of big companies closing shop on Australian shores
Activewear company Stylerunner has gone into administration just a year after claiming to be making $50million annually.
Online retailer Stylerunner, founded in 2012 by Australian twins Julie and Sali Stevanja, both 38, was placed into receivership on Wednesday.
The brand sells a large range of fitness clothing, shoes, accessories, and wellness products.
Online retailer Stylerunner, founded in 2012 by Aussie twins Julie (right) and Sali (left) Stevanja, both 38, was placed into receivership on Wednesday
The company’s financial struggles come as other retailers battle to survive in Australia.
Stylerunner- which sells brands such as Adidas, Nike, Puma and Camila and Marcs – is yet to announce the shift in a public statement.
Sydney company Restructuring Solutions has been appointed as the new receiver while As Advisory takes over administration.
Sali exited the business in 2015, leaving her sister to be named in 87th place in the AFF Young Rich list two years later with a net worth of $30million.
Stylerunner (clothing pictured) – which retails brands such as Adidas, Nike, Puma and Camila and Marcs- is yet to announce the shift in a public statement
Julie Stevanja was the sole owner until external investors recently took a 59 per cent share, leaving Stylerunner valued at $8million.
During the first three years of business, Stylerunner grew by 1736 per cent.
Many overseas companies have closed shop in Australia in the last 12 months, including big name brands Espirit, Ziera shoes, Karen Millen, and Ed Harry.
Earlier this month celebrity chef Shannon Bennett’s burger chain, Benny Burger, was also placed into administration, followed by seven Red Rooster outlets across Queensland.
During the first three years of business, Stylerunner (website pictured) grew by 1736 per cent