Aussie fashion brand Suboo worn by Gigi Hadid and Kendall Jenner collapses owing $655k
Aussie fashion label Suboo, worn by world-famous models including Gigi Hadid and Kendall Jenner, has collapsed after almost 15 years in business with reported debts of at least $655,000.
Australian Securities and Investments Commission records show that Suboo Pty Ltd, the company behind the label, entered liquidation on October 1 after members voted to wind up the business.
A Suboo spokesman put the decision down to rising operating costs, global economic pressures and changes to the international fashion and retail landscape.
‘While there were options available to continue pushing through the current economic climate, we ultimately did not believe it was responsible or commercially viable to continue operating the business in its existing form,’ the spokesman said.
‘Many of these factors have been outside our control and are being felt across the industry more broadly.’
Suboo Pty Ltd owed at least $655,000 to creditors, according to documents cited by the Daily Telegraph.
The debts included $105,162.50 owed to financing company Wayflyer, $140,232.89 to Shopify, $60,909.41 to DHL and $58,299.49 to FedEx.
The total also comprised $239,000 in aged invoices, including $51,840.66 owed to garment production company Swell Ltd.
Aussie fashion label Suboo, worn by world-famous models including Gigi Hadid and Kendall Jenner, has entered liquidation after almost 15 years in business with reported debts of at least $655,000
Australian Securities and Investments Commission records show that Suboo Pty Ltd, the company behind the label, entered liquidation on October 1 after members voted to wind up the business
Suboo’s website was unavailable on Tuesday and displayed a message reading: ‘We are undergoing website maintenance and will be back online soon!’
Two employees were also reportedly owed a combined $170,700 in entitlements, including annual leave and long service leave.
Suboo claimed to be owed $108,507.36 from US fashion hire company Rent the Runway, $5,268.57 from Anthropologie and Nuuly and $1,230 from Argentina Boutique in Geelong West.
The documents also reportedly listed Suboo as holding $1,854.16 in cash, alongside $111,852 in stock and $2,389 in equipment.
The company spokesman said customer orders had been completed while customer obligations were being managed ‘to the best of the company’s ability’.
Suboo’s website was unavailable on Tuesday and displayed a message reading: ‘We are undergoing website maintenance and will be back online soon!’
The brand has also not posted on social media since September 30, with comments disabled on its recent posts.
Daily Mail has contacted Suboo, its liquidator, Wayflyer, Shopify, DHL, FedEx, Swell Ltd, Rent the Runway, Argentina Boutique, Anthropologie and Nuuly for comment.
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