Shoes of Prey liquidators to flog off assets

Written on the 25 November 2019 by Business News Australia

Shoes of Prey liquidators to flog off assets

The liquidators of embattled custom-order footwear business Shoes of Prey are now seeking expressions of interest (EOIs) for the company's assets including its brand names, logo, patterns, subscriber and customer database, and social media channels.

The announcement comes within a month of co-founder Jodie Fox releasing her book 'Reboot: Probably More Than You Ever Wanted to Know about Starting a Global Business'.

John Park and Kelly-Anne Trenfield of FTI Consulting were appointed liquidators in March this year, some seven months after orders had been put on hold in August 2018 as the company failed to meet expectations.

The announcement brought an end to a 10-year legacy for an idea that attracted investments from US department store Nordstrom and Blue Sky Alternative Investments (ASX: BLA), itself now under administration.

"Despite all the right trends towards personalisation and our success within the customisation niche, contrary to our market research the mass market fashion customer just didn't respond as we expected," co-founder Michael Fox said in a blog post on Medium before the liquidation was announced.

"We learnt the hard way that mass market customers don't want to create, they want to be inspired and shown what to wear. They want to see the latest trends, what celebrities and Instagram influencers are wearing and they want to wear exactly thatboth the style and the brand.

"If I ever find myself in a position where I'm attempting to change consumer behaviour, I will ensure I've peeled back the layers to truly understand the psychology of my target customer."

FTI Consulting highlight an opportunity now for interested parties to purchase the assets of a business which" manufactured unique, on-demand luxury footwear tailored specifically to individual customer designs".

"Using its distinctive just-in-time production platform, Shoes of Prey was able to produce a bespoke pair of shoes within 48 hours of the customer submitting their design," FTI said.

  • The assets available for sale include:
  • Brand names, logo and domain names
  • Lasts and patterns
  • Code repositories for the Company's configurator application and factoring processing technology
  • Subscriber and customer database
  • B2B customer pitch deck
  • Brand guidelines
  • Social media channels

Expressions of interest can be made by contacting Lachlan Bowness via email Lachlan.Bowness@fticonsulting.com or Tel: +617 3225 4958.

Following this, a short form information memorandum will be provided with further detail on these assets and access to an electronic data room to be made available upon the execution of a deed of confidentiality.

Preference will be given to buyers who express an interest in buying all assets collectively, and non-binding indicative offers must be made by 5pm AEST on Thursday, 5 December.

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Author: Business News Australia

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