The deputy commissioner of taxation has tabled an application for the winding up of the GeedUp brand over unpaid taxes.
According to an ASIC notice, the application against GeedUp – formally known as Expialidocious Investments Holdings Pty Ltd – was sparked on March 23 and is set to face court on May 5.
A month after the winding up application was tabled, Expialidocious submitted documents to change its name.
GeedUp was founded in Sydney in 2010 by Jake ‘Paco’ Catley as a streetwear label, selling across a range of fashion categories for both men and women. This includes hoodies, sweatpants, tracksuits and other clothing.
In 2019, the brand closed its Westfield Sydney store and launched a renewed website and vision for the brand.
The e-commerce strategy paid off for the label, with GeedUp turning over $1 million more in revenue in the first year of relaunch than it did in the full seven years prior, resulting in a sales boost of 550 per cent.
The following year saw a 100 per cent increase in revenue and a doubling in revenue again in 2022.