Ksubi parent in admin



Ksubi’s owner Bleach Group has entered administration, with the Sydney-based company undergoing a restructure and private equity injection in order to stay afloat.

Inside Retail can report that Bleach Group, which attributes its woes to problems with its China supply chain, entered voluntary administration on Wednesday.

Ksubi was purchased by Bleach in 2010 after the globally recognised brand hit financial woes in 2008, which led to it being eventually liquidated and sold off.

Bleach, a Sydney-based manufacturer and distributor with offices in New York, also owns Insight, which has two stores, and women’s fashion label, Something Else.

Ksubi has six retail stores across Australia operated via a franchise agreement between Bleach and an independent third party.

It also has a concession deal with department store David Jones signed in 2008 that is set to end this year.

Bleach Group was founded in 2002 and is headed up by CEO Mark Byers.

“The restructure was necessary to ensure the future of the Ksubi and Insight brands and more than 100 jobs globally and we can now look forward with confidence,” he said.

Ksubi was founded by a trio of Sydney designers in 2000 and found global fame for its avant-garde jeans and catwalk stunts.

Earlier this year, co-founder Dan Single was banned by ASIC from directing companies for three years, due to Ksubi trading while insolvent pre-2010.

None of its original founders are involved in Ksubi today, with Bleach Group reportedly still paying off the brand’s $4.82 million debt.

For more information on the fate of Bleach Group, including exclusive comments from its administrator and company valuations, please subscribe to Inside Retail’s digital weekly.

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