Twenty-four hours after it announced that it was going into voluntary administration, nine potential partners approached lifestyle and stationery brand Kikki.K last week, according to emails viewed by Inside Retail.
“We remain truly optimistic and excited re: one key partnership deal in particular we’ve been working on for over 12 months – they’re beavering away full steam ahead,” wrote co-founder Paul Lacy in the email.
According to a statement Kikki.K sent out early in the week, the brand got caught “in a perfect storm” of circumstances, from suffering the impact of Brexit during its UK store rollout to the Hong Kong protests, a subdued Christmas, the disastrous Australian bushfires and now, coronavirus.
“There is still an amazing business opportunity with 3.7 million loyal customers on our database, over 20 million people a year visiting our physical and online stores and strong opportunities for growth into new product categories,” said founder Kristina Karlsson. “But obviously it requires a big re-set and a buyer who understands the opportunity.”
Shortly after the announcement was made, Kikki.K’s head of retail Alana Hose said store sales went up 94 per cent and according to the brand, a few days later, the week ended 50 per cent above target Australia-wide. Online revenue rose by 470 per cent at one stage.
Kikki.K has 450 full-time equivalent employees and $70 million annual revenue with 65 stores in Australia, the UK, New Zealand, Singapore and Hong Kong.