Australian activewear brand Stax has been acquired out of receivership by a private Australian investor group led by Justin Truong and Sandy Li-Truong.
The new owners are the entrepreneurs behind Australian hype e-commerce marketplace Pushas, which has reportedly been scaled into an eight-figure business. The new investor group is independent of Pushas, which remains separately owned and operated.
Stax’s snap-up comes after the brand collapsed into receivership, with liabilities stretching to $24 million. The brand was founded in Perth in 2015 by Don and Matilda Robertson, and scaled to 12 stores across Australia. Over the last two years, the brand began downsizing its store portfolio, but it was not enough to save it from receivership.
As part of the acquisition, the new investor group acquired the brand’s trademarks, design intellectual property, its Nandex™ fabric technology and digital assets from FTI Consulting’s Joseph Hansell and Asjadi Hone – the receivers appointed to oversee the sale process.
Hone said the new owners have shared their intention to preserve the activwear label for its next chapter.
“This is a great outcome for the brand to restore trust with its large and loyal customer community across Australia,” Hone said.
“The new owners will appoint a team to focus on rebuilding the brand while maintaining the product quality, inclusivity and community connection that has defined Stax since its launch.”
Justin Truong himself has been appointed as chairperson of the new entity overseeing Stax, and is expected to hire a new CEO as well as install a new team to oversee the brand’s day-to-day operations.
In the lead-up to the receivership process, many customers had orders that were not yet fulfilled, with many still in limbo. Justin Truong noted that the legal responsibility for these orders placed under previous ownership did not transfer to his new investor group, but he recognised the impact this would have on affected customers and said he and his team will explore “meaningful ways” to support them as the brand relaunches.
Affected customers should receive an email from Stax in the coming weeks to register the details of any unfulfilled orders.
“We have enormous respect for the community the founders built over the past decade,” Truong said.
Sandy Li-Truong added that Stax has a loyal customer community and strong long-term potential.
“[Founders] Don and Matilda built something special: a fashion-forward activewear brand centred around the belief that every body is a Stax,” Li-Truong said.
“Our responsibility now is to earn the trust of the Stax community. That starts with bringing in a team that can rebuild the business on strong foundations, invest in quality and deliver the experience customers expect from the brand.”
Stax is expected to relaunch online ahead of Summer, with Australian fulfilment and what the new owners call a revised focus on considered product releases, quality and long-term sustainable growth.