Latest news with #TerryvanderVelde
West Australian
21-05-2025
- Business
- West Australian
Exoticathletica collapses: Founder's $7 million a year crop top brand goes under, announces flash sale
An Australian leisurewear company whose founder made $7 million in a single year from a hugely popular crop top has gone under, leaving a trail of debts totalling $13 million. The online label, founded in Noosa in 2014, became a favourite for its bold, colourful active wear styles and quickly developed a loyal following among fitness fans. The brand's owner, Leilani Chandler, sold more than 140,000 seamless, wire-free crop tops between April 2020 and April 2021, with each top retailing for around $50. But by 2025, the company had racked up more than $6.2 million in debts, including $800,000 owed to the Australian Tax Office and $6.7 million to the Commonwealth Bank. Customers are reportedly owed $172,576, while employees are waiting on $416,447 in pay and superannuation. Several suppliers have also been left out of pocket, with debts including $211,931 to Active Apparel Group, $311,928 to Andorra Australian, $447,813 to Dongguan Huachen Sporting Goods Co, and $416,447 to Chinese manufacturer DandJ International. A 70 per cent off flash sale is currently running on the company's website as administrators try to recover funds. Sales soared during the pandemic, when comfort became a priority during lockdowns. While the business mostly operated online, it opened a physical store at Sunshine Plaza in Maroochydore on the Gold Coast in 2019. Insolvency firm SV Partners, led by Terry van der Velde and Matthew Hudson, has taken over and the company continues to trade for now. The business's total assets are estimated at $2.5 million in stock, less than a fifth of its total debts. Ms Chandler spoke to media in 2021 about the brand's meteoric rise, noting a 485 per cent sales jump on the previous year. The crop top, she explained, was designed for everyday wear, with thick compression fabric providing support instead of traditional wires and foam cups. 'You can wear it as outerwear if you want. It can be anything from a fashion piece to a gym top or even swimwear,' she said. A second meeting of creditors is expected to take place next week.
Perth Now
21-05-2025
- Business
- Perth Now
Aussie activewear brand behind viral crop top collapses
An Australian leisurewear company whose founder made $7 million in a single year from a hugely popular crop top has gone under, leaving a trail of debts totalling $13 million. The online label, founded in Noosa in 2014, became a favourite for its bold, colourful active wear styles and quickly developed a loyal following among fitness fans. The brand's owner, Leilani Chandler, sold more than 140,000 seamless, wire-free crop tops between April 2020 and April 2021, with each top retailing for around $50. But by 2025, the company had racked up more than $6.2 million in debts, including $800,000 owed to the Australian Tax Office and $6.7 million to the Commonwealth Bank. Customers are reportedly owed $172,576, while employees are waiting on $416,447 in pay and superannuation. Several suppliers have also been left out of pocket, with debts including $211,931 to Active Apparel Group, $311,928 to Andorra Australian, $447,813 to Dongguan Huachen Sporting Goods Co, and $416,447 to Chinese manufacturer DandJ International. A 70 per cent off flash sale is currently running on the company's website as administrators try to recover funds. Sales soared during the pandemic, when comfort became a priority during lockdowns. While the business mostly operated online, it opened a physical store at Sunshine Plaza in Maroochydore on the Gold Coast in 2019. Insolvency firm SV Partners, led by Terry van der Velde and Matthew Hudson, has taken over and the company continues to trade for now. The business's total assets are estimated at $2.5 million in stock, less than a fifth of its total debts. Ms Chandler spoke to media in 2021 about the brand's meteoric rise, noting a 485 per cent sales jump on the previous year. The crop top, she explained, was designed for everyday wear, with thick compression fabric providing support instead of traditional wires and foam cups. 'You can wear it as outerwear if you want. It can be anything from a fashion piece to a gym top or even swimwear,' she said. A second meeting of creditors is expected to take place next week.
Yahoo
21-05-2025
- Business
- Yahoo
Popular activewear brand goes bust
A popular Australian women's activewear company has gone bust, owing $13m to creditors. Founded in 2014 by Leilani Chandler in Noosa, Exoticathletica is best known for its size-inclusive, vibrant and bright activewear and quickly became a popular choice for women across the country. However, the brand filed for voluntary administration on April 9, turning to insolvency firm SV Partners Terry van der Velde and Matthew Hudson to search for potential buyers while they comb through the financial debris. Commonwealth Bank – the secured creditor for the business – is owed $6.7m, while the brand owes unsecured creditors more than $6.2m. This includes $211,000 to manufacturers Active Apparel Group, $311,000 to Andorra Australia, $447,000 to Dongguan Huachen Sporting Goods Co and $416,000 to D and J International. The sporting brand also owes over $550,000 to e-commerce giant Shopify, $224,000 to American Express, $53,00 to PayPal , $136,00 to Invenco and $114,00 to Thread Collective Co. Customers have suffered a loss of $172,000, and the Noosa-based business owes $800,000 to the Australian Taxation Office (ATO). Employees have also been left $416,447 out of pockets, with $37,733 in unpaid superannuation. Minutes from the first meeting with creditors on April 23 said the business would continue trading to 'maximise the funds recovered from the sale of stock'. 'The administrators also intend to list the business for sale shortly,' the minutes read. 'After the business is listed for sale, the financial position of the company and the anticipated return to creditors will be more certain.' While the company's total assets are yet to be advised, the administrators estimate its stock to be valued at $2.5m. 'We have continued to trade the business to preserve its value, with the aim of maximising the return to creditor,' Mr Hudson said per Courier-Mail. 'This strategy has allowed the business to remain operational, thereby maintaining its goodwill, customer relationships and employee engagements. 'By trading the business, we have sought to facilitate a sale of the business as a going concern.' Exoticathletica was founded by Ms Chandler in 2014 and was inspired by 'Brazil's fitness fashion culture, their celebration of feminine curves and bold designs that encourage women to express themselves'. The brand is best known for its inclusive designs which aims to 'help women enhance and accentuate their bodies and unapologetically celebrate their uniqueness'. Between April 2020 and April 2021, the brand found success selling a wire-free crop top, with more than 140,000 customers purchasing the $49.99 activewear. A second meeting with creditors is expected to take place next week. Error while retrieving data Sign in to access your portfolio Error while retrieving data
7NEWS
21-05-2025
- Business
- 7NEWS
Australian activewear brand Exoticathletica goes into administration
A popular Australian activewear brand has collapsed, owing more than $100,000 to its employees. Exoticathletica was placed in administration on April 9, according to documents filed with the Australian Securities and Investments Commission (ASIC). Matthew Richardson and Terry van der Velde from SV Partners have been appointed as administrators. It's estimated the Queensland -based company owes as much as $114,000 to its staff, including $37,000 in superannuation, $73,000 in annual leave, $5800 in long service leave and $33,000 in pay in lieu of notice. The activewear brand owes $6.7 million to Commonwealth Bank and about $5.4 million to unsecured creditors. It also owes $211,000 to Active Apparel Group, an activewear manufacturer. The brand was founded by Leilani Chandler in 2014 and specialises in brightly coloured and printed athleisure clothing. According to the company's website, Chandler was inspired by Brazil's fashion culture. 'We create activewear and active lifestyle products, using innovative and elevated fabrics and fits, with bold and bright colours and prints,' the company's bio says. The business has continued to operate during the administration process. The creditors are seeking to sell the business via expressions of interest.
