Accessories label Mon Purse has collapsed, appointing liquidators from Wexted Advisors and ceasing trade.
The business, which focused on personalised, monogrammed leather goods, was founded by Lana Hopkins in 2014, who later stepped away from the business.
The business is now run by its sole director, former chief operating officer Andrew Shub.
The brand operated four concessions in Myer stores across the country and also had its own boutiques in Paddington and Doncaster and Warringah Westfields.
In 2017, Hopkins told Ragtrader that the business was "on track for a $20 million annual run rate for the year, which represents an annualised growth of over 800% year-on-year."
Funding its growth was a series of three capital rounds, one of which was partly backed by Australian 'Catch of The Day' (now Catch) founders Gabby and Hezi Leibovich.
Regarding its demise, Hopkins told The Age and The Sydney Morning Herald she was saddened and "extremely disappointed" to see the collapse of her former business, noting it was a poor outcome for its employees, investors and customers.
According to a Sydney Morning Herald report, data from credit reporting agency CreditorWatch shows numerous court actions against Mon Purse since 2018, with nearly $200,000 worth of claims levelled against the company from creditors such as Fedex and DHL.
In the same SMH report, Wexted Advisors administrator Andrew McCabe said the liquidator firm was appointed on December 11 and had begun seeking "urgent" expressions of interest for the business or its assets, due by today.
"We are working with the company director to undertake an immediate assessment of the company’s financial position while seeking expressions of interest," McCabe said.
According to the report, the liquidators were not made aware of the precise reason for the business' collapse and at the time of writing had not received the company accounts.
Expressions of concern around order delivery and delays are prominent on the Mon Purse Facebook page, with many users posting comments under the brand's posts.
"How are you still posting on social media when you’re not responding to existing customers who haven’t received their orders?" a commenter wrote under the brand's most recent social media post from 14 October.
"I’m following up on order for the third time as I have had no response via email (which I have attempted twice) or Facebook and Instagram message.
"Could you please help me with the status of my order, as per my last attempts? As a return, loyal customer I’m disappointed with the lack of customer service. You’re taking people’s money, not delivering and not responding," the commenter wrote.
Meanwhile, the Mon Purse website states it is undergoing a scheduled maintenance.
Rajiv Goyal and Andrew McCabe are serving as the appointed liquidators.
*From the ASIC website: "This notice does not mean that the company was wound up. To check whether the company was wound up following publication of this notice, search the ASIC database using the ASIC Connect function on ASIC's website."