Online activewear retailer Stylerunner has entered voluntary administration.
Founder and CEO of the e-commerce company Julie Stevanja on Wednesday appointed Andrew Schwarz and Matt Adams of AS Advisory as administrators, according to documents lodged with the Australian Securities & Investments Commission (ASIC).
Internet Retailing asked Stevanja and the administrators for further information, but had not received a reply at the time of publication.
A former investment banker, Stevanja founded Stylerunner in 2012 with her twin sister Sali Sasi, who left the business in 2015.
Offering fashion-forward sportswear and shoes, Stylerunner benefited from the ongoing growth of the athleisure market and was a $30 million business in 2017, according to the AFR, which put Stevanja on its Young Rich List that year.
The CEO gained other industry accolades, including being named Young Retail Entrepreneur of the Year at the World Retail Awards in 2016, and featuring on Internet Retailing‘s Top 50 People in E-Commerce lists in 2016 and 2017.
But competition has increased in both the e-commerce industry and the athleisure space since Stevanja founded her Sydney-based business.
Major online marketplaces, such as The Iconic and Amazon, offer huge ranges in a large number of categories and fast delivery, while new players, such as P.E Nation, are targeting the same fashionable activewear customers as Stylerunner.
The cost of doing business online also has changed, with social media platforms like Instagram and Facebook, where Stylerunner built up a brand following early on, charging more for ads, and buy now pay later providers clipping the ticket for what has become a must-have payment option at checkout.
Stylerunner’s website appeared to be trading as usual at the time of this writing.
This story first appeared on sister site Internet Retailing.