Just Hype acquired out of administration
Leicester-based brand Just Hype has been acquired in a pre-pack deal by joint investors.
82 jobs have been saved after investors from Lux360 and JHB2C stepped in following the fashion brand’s fall into administration in March.
Founded in 2011, the streetwear retailer opened on Carnaby Street and stocked its products with large retailers including Next, John Lewis, and Sports Direct.
On March 31, Quantama chief executive Carl Jackson and director Kelly Mitchell were appointed as joint administrators with the sale of the business and its assets following shortly afterwards.
Quantuma described Just Hype as a “globally-recognised brand presence”.
“However, the investment in marketing to raise profile did not translate into revenue, as a result of public reduction in spending on non-essential items”, it added.
Just Hype co-founder Bav Samani said: “As with many online retailers we expanded very aggressively during Covid and in the aftermath were left with a large stock overhang.
“In addition, we had spent a considerable amount on advertising which although elevated the brand significantly left us heavily indebted.”
“Our new investor has a strong international distribution network which will be of mutual benefit to us both as the brand continues to grow both domestically and internationally,” he added.