Aussie Rich-Listers’ popular activewear brand on verge of collapse
Updated . First published at
Australian activewear brand Stax has been placed into receivership just four years after their founders were named on the AFR Rich List.
Consulting firm FTI announced the brand, which was founded by Don Robertson and Matilda Murray and was at one time touted as a $52 million business, had receivers and managers appointed on Wednesday.
The brand was founded by Rich-Listers Don Robertson and Matilda Murray. James Brickwood
The Australian activewear company operates online and also has two boutique stores in the Sydney CBD and Liverpool.
“Stax is a well-known Australian brand with strong customer support,” receiver and manager Joseph Hansell said.
“Stax has done something genuinely impressive, proving that premium activewear does not have to choose between performance and style.
“The business is trading as usual while the receivers undertake an urgent assessment of the company’s operations.”
Following the move into receivership, the brand’s products are on sale for 50 per cent off sale on its online store.
Meanwhile, its physical store in Sydney’s CBD appeared to have closed early on Wednesday afternoon.
Robertson and Matilda Murray’s rags-to-riches story began in early 2020, telling the Australian Financial Review they spent their life savings to shoot a campaign for a new collection called Premium Seamless V2.
Years later, the pair turned the activewear brand into a $52 million business, cementing a spot on the AFR’s 2022 Young Rich List in the process.
The Stax store in the Sydney CBD appeared to have closed early after the company went into receivership. Nicole Douglas
Robertson started the brand in 2015 out of his mother’s house before it grew to a multimillion-dollar clothing line.
The couple relocated to Sydney in 2019, building a team of more than 50 employees and 12 physical stores, 10 of which were shut by 2022.
Speaking on the Two Broke Chicks podcast, Murray said opening 12 stores was not a good move.
“We’re an online brand, it got a point where we had to take a step back.
“We gave it a go, the stores weren’t a great decision.”
The couple told the AFR they prided themselves on offering sizes from XXS to XXXXL.
In September 2022, the brand held a pop-up event in Perth featuring TikTok creator Anna Paul that attracted such a large crowd that police were called.
Thier activewear was also worn by the likes of pop megastars Jennifer Lopez and Lizzo, as well as actress Megan Fox.
Hansell and Asjadi Hone of FTI Consulting were appointed as receivers and managers for the business.
Nine.com.au has reached out to Murray for comment.
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