Aussie activewear giant saved from collapse
Former Young Rich Lister Julie Stevanja has saved her activewear empire from collapse after selling the company's assets to listed footwear and retail giant Accent Group Limited.
Stylerunner entered voluntary administration last month with the online store reportedly owing about $2 million to creditors.
Ms Stevanjia founded the wellness company with her twin sister Sali in 2012. Sali Stevanja left Stylerunner in 2015, and clothing empire Gazal now owns 59 per cent of the company.
At one-point Stylerunner was valued at as much as $30 million. The company sells more than 50 brands including Nike, adidas, PE Nation, Puma and Under Armour.
Accent Group informed its shareholders of the Stylerunner acquisition in a statement to the ASX this morning.
Under the deal, Accent Group takes ownership of Stylerunner's digital assets. Ms Stevanjia has joined Accent and will remain running the Stylerunner business.
The deal was reached on a cash free, debt free basis. An exact sale figure was not disclosed.
Ms Stevanjia confirmed the deal in a video on Stylerunner's Instagram page.
"We are ecstatic to be part of the group," she said.
"They are going to bring enormous investment, resources and support behind the Stylerunner brand and help us grow this to be our biggest and best yet.
"It might take us a few weeks to get back on our feet properly but we have got some really exciting things in the pipeline."
Ms Stevanjia said fans of the brand could expect expanded ranges, new packaging, sustainability options and physical stores in the future.
Accent Group CEO Daniel Agostinelli said the acquisition will expand its reach into Australia's activewear and wellness market.
"Activewear is a style trend that isn't slowing down and we plan to encourage its momentum through strategic moves like this one," Mr Agostinelli said in a statement to the ASX.
Accent Group are Australia's largest footwear retailer with brands like Hype DC, Subtype, the Athlete's Foot and Platypus. The company also distributes brands such as Doc Martins, Vans and Merrell.