Australia markets closed
  • ALL ORDS

    7,078.90
    -28.20 (-0.40%)
     
  • ASX 200

    6,800.40
    -23.30 (-0.34%)
     
  • AUD/USD

    0.7716
    -0.0051 (-0.66%)
     
  • OIL

    51.78
    -1.35 (-2.54%)
     
  • GOLD

    1,841.10
    -24.80 (-1.33%)
     
  • BTC-AUD

    42,210.29
    +2,926.62 (+7.45%)
     
  • CMC Crypto 200

    645.53
    +35.53 (+5.83%)
     
  • AUD/EUR

    0.6341
    -0.0039 (-0.61%)
     
  • AUD/NZD

    1.0755
    +0.0001 (+0.01%)
     
  • NZX 50

    13,333.43
    +221.24 (+1.69%)
     
  • NASDAQ

    13,344.65
    -60.34 (-0.45%)
     
  • FTSE

    6,679.10
    -36.32 (-0.54%)
     
  • Dow Jones

    31,002.81
    -173.20 (-0.56%)
     
  • DAX

    13,852.16
    -54.51 (-0.39%)
     
  • Hang Seng

    29,447.85
    -479.91 (-1.60%)
     
  • NIKKEI 225

    28,631.45
    -125.41 (-0.44%)
     

Boutique fashion retailer Mon Purse collapses

Jessica Yun
·3-min read
(Source: Facebook/Mon Purse)
(Source: Facebook/Mon Purse)

Leather accessories brand Mon Purse has collapsed after it encountered supply issues amid the Covid-19 pandemic that left customers waiting weeks for their items.

The fashion retailer features leather accessories, such as bags, wallets and phone cases that are able to be personalised and monogrammed.

Mon Purse was founded by former News Corp advertising sales executive Lana Hopkins six years ago, but she left the brand in 2018 amid differences of opinion with other directors in the company over the brand’s strategic direction, SMH reported.

Liquidators Wexted Advisors were appointed on Tuesday, at which point the brand immediately ceased trading. Wexted administrator Andrew McCabe said he has been seeking “urgent” expressions of interest in the business, due today.

"We are working with the company director to undertake an immediate assessment of the company’s financial position while seeking expressions of interest," Mr McCabe said.

While the exact cause of the collapse is not yet known to the liquidators, which are yet to obtain the company’s financial books, supply issues are believed to be the cause.

The sole director of Mon Purse is former chief operating officer Andrew Shub, who has presided over other collapsed businesses in the last decade, according to SMH.

The brand has raised more than $9 million from funding rounds and has been backed by heavyweights including Catch founder Gabby Leibovich, Airtasker co-founder Jonathan Lui, Mad Paws CEO Justus Hammer and former Deloitte partner Ian Levi.

At the time of writing, Mon Purse’s website features a banner that states it is “undergoing a scheduled maintenance”.

“We’ll be back online shortly,” it states.

(Source: Yahoo Finance screenshot/Mon Purse)
(Source: Yahoo Finance screenshot/Mon Purse)

Mon Purse’s Facebook and Instagram pages have not been updated since 14 October.

Hopkins told SMH she was saddened and “extremely disappointed” that the business she had founded had collapsed.

Frustrated customers took to social media to complain about orders that never arrived or queries that were never responded to.

“Hello, I've emailed you twice regarding a faulty product I've received and had no response. Can someone please get back to me,” wrote one customer under the brand’s most recent Facebook post.

“Why is this company still taking orders and taking our money!! Shut down your company if you can’t fulfil orders!! Glad I paid with PayPal and got my refund after months of waiting!! DO NOT ORDER FROM THIS COMPANY!!!!” wrote another.

“This is a disgrace,” said a Facebook user. “You have a responsibility Mon Purse to give us our money back. Start my replying to emails.”

Yahoo Finance has reached out to Wexted for comment.

Want to hear Australian influencers reveal their best finance tips? Join the Broke Millennials Club on Facebook, and receive one hot tip per day in December.

And if you want 2021 to be your best (financial) year yet, follow Yahoo Finance on Facebook, LinkedIn, Instagram and Twitter. Subscribe to the free Fully Briefed daily newsletter here.