Activewear brand Stylerunner is saved from collapse at the eleventh hour after twin sister owners sell the struggling company for $50million
- Australian online retailer Stylerunner was placed into administration last month
- Within three weeks of going into administration company has been bought out
- Last year, founders Julie and Sali Stevanja announced it rolled over $50 million
A $50million activewear brand has been saved from ruin just weeks after the company announced it was going into administration.
Stylerunner, which was founded in 2012 by Australian twins Julie and Sali Stevanja, was sold for an ‘undisclosed sum’ to Accent Group Limited on Tuesday.
The sisters, who are both 38, announced their company had gone into administration on October 23 – a year after they claimed the business was making $50million annually.
The sale was welcomed by customers who were assured that gift vouchers and orders will be honoured.
Online retailer Stylerunner was founded in 2012 by Aussie twins Julie (right) and Sali (left) Stevanja, both 38
The 38-year-olds announced their company had gone into administration on October 23 (Sali (left) Julie (right))
Andrew McCabe of Wexted Advisors and Chris MacDonnell of Restructuring Solutions, sought out a buyer for the struggling business and are pleased with the result.
‘Customers will be relieved the brand has been saved – the director (Julie Stevanja) is still on board and will continue to lead her team,’ Mr McCabe told news.com.au.
‘…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 purchase was an ‘exciting opportunity’ for 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.’
Stylerunner (clothing pictured) -within three weeks of announcing their administration, the company was bought out by Accent Group Limited
Stylerunner sells a large range of fitness clothing, shoes, accessories, and wellness products.
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.
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.
Daily Mail Australia has contacted Stylerunner for comment.
During the first three years of business, Stylerunner (website pictured) grew by 1736 per cent