Soda Shades, an Australian eyewear brand sold online, has gone into voluntary receivership citing global supply chain issues. The company owes AU$2.3 million.
Soda Shades was established in 2018 by social media influencer and entrepreneur Steph Claire Smith and her partner Josh Miller. It was under ownership of investors when it was placed in administration.
the sale of business process is underway and will include the sale of core stock, new product lines and intellectual property
Rahul Goyal and Kate Conneely of KordaMentha Restructuring have been appointed as voluntary administrators.
In a statement they said the business was preparing for an exciting period of growth domestically, and further expansion into international markets, before its operations were impacted by the current global supply chain disruptions.
“Soda Shades is an exciting Australian brand with a strong runway for growth. Unfortunately, the business came unstuck due to supply chain issues,” Mr Goyal said. He confirmed that the sale of business process is underway and will include the sale of core stock, new product lines and intellectual property, including social media and the brand.
Additionally, Mr Goyal said the business also has marketing material available for both core and new product lines ready for immediate use, allowing a purchaser to quickly capitalise on current stock for a sales campaign in the upcoming Australian summer.
“We expect there will be a high level of interest in purchasing such a fresh label. We have quality stock on hand, marketing ready to roll out, and a significant social media following. This is a great opportunity for any interested buyer,” Mr Goyal said.
Soda Shades sells its products through its own website and online fashion retailers, including The Iconic.
A creditor’s meeting will be held in the first week of September.
Interested parties should email Jack Gibson on [email protected].
