Krite steps aside from self-titled agency

SYDNEY: Eight years after he first burst through the doors, Simon Krite has turned his back on the fashion distribution agency he co-founded.

Effective tomorrow [June 30] Krite will no longer own the agency that still bears his name, having sold his stake in the company to partner Rafique Majam.

It is understood the buy-out includes the agency business as well as the brand's three-year-old retail store From St Xavier, based in Bondi.

While he no longer has a financial interest in the company, Krite will continue to draw a salary from the business, having agreed to remain onboard as a consultant.

It is expected Krites - the home of several high profile brands including Nookie, Tight Knickers, True Religion and Buddhist Punk - will continue to trade as normal with all 42 staff retaining their positions.
Krite said the sale, for an undisclosed sum, came about while the company was considering adding to its core stable of 14 brands.

The decision to relinquish his grip on the company had been made a little easier owing to the fact Majam had been involved in the business since it first got off the ground in 2000, Krites said.

"I have always looked at all opportunities put to me. The decision I believe was a mutually beneficial one for both Krites and myself. Rafique is very keen to expand in certain areas and he made it easy for me as it was a simple sale of shares.

"We had been actively looking for expansion opportunities and until Rafique put his offer on the table, I had not spoken to any outside parties about me selling."

Having admitted he had been in discussions with "a few" parties already, but reluctant to release any details, Krites would not rule out a re-entry into the market - either via an investment in an established agency or as part of a start-up.
Krite said he was well versed in the "fashion brand management business" - as well as the people associated with it. While it was a tough business, it was also a "rewarding one" and he would continue to look until he could find something he could put all his energy into.

"Just a few days ago one of my larger retailer partners contacted me after I announced the sale and sincerely thanked me for 'making them money over the years'. This win/win relationship was always my end goal with everything we did at Krites. Hearing this from them was affirming what all businesses' ultimate goal should be and this achievement to me is my personal favourite."