Australian hoodie brand White Fox has just filed its first-ever financial report with ASIC – covering FY22 – which showcases the impressive growth trajectory of the business when COVID lockdowns ended.
In the financial year to June 30, 2022, the brand’s revenues hit $121.7 million, almost double the revenue in FY21 of $65.5 million.
Alongside the sales surge, White Fox’s bottom-line profit grew from $9.1 million to $24.6 million, with the biggest cost increases being in marketing (up by around $3 million to $13.49 million) and administration expenses (up by around $5 million to $13.58 million).
Following the jump in profits, the company decided to declare a dividend of $9.9 million to its four shareholders, two of which being the founders, Daniel and Georgia Contos, as well as Daniel’s mother, Melina Maceri, and another entity called Lucyharlow Pty Ltd.
The company had 180 staff during the FY22 financial year. Today, the company is believed to have over 300.
It is believed the brand’s total sales have risen since FY22, given White Fox has scaled its operations globally since then, including incorporating a White Fox Boutique UK entity in September 2024 to support its European push. The company has also launched warehouse operations in the United States.
On top of this, White Fox also moved its head office location to a five-storey building in Rosebery, New South Wales. Real Commercial reported this was a $70 million deal.
White Fox signed on EY in March this year to help audit its accounts, and comes after the brand was slapped with a fine from ASIC for allegedly being late in filing its financial reports.
MJ Bale was another fashion brand slapped with a fine for similar allegations, with the suiting brand since filing its late reports across FY22, FY23, FY24 and FY25 late last year.