Streetwear brand Just Hype in pre-pack rescue deal - report

UK streetwear brand Just Hype has been bought in a pre-pack administration after the business was hit by falling sales and a build up of excess stock following the pandemic.

Birmingham-based investor Sarjan Dulai has acquired the business for an undisclosed sum, saving 82 jobs, reported Drapers.

The business entered administration on 31 March with Carl Jackson and Kelly Mitchell of Quantuma Advisory appointed administrators, according to financial publication The Gazette.

Just Hype’s trend-led products has links to licensed clothing deals with high-profile brands including Coca-Cola, The Simpsons, Star Wars, Jurassic Park and Disney. The company's major stockists included John Lewis, Next, Sports Direct, Footasylum and Very.

Although its flagship store on London's Carnaby Street closed in early March prior to the deal, the brand will continue to trade through its website and stockists under the new ownership.

Co-founder Bav Samani said: “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.”

The retailer was set up by Liam Green and Samani in 2011, with the latter saying it expanded very aggressively during Covid but "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. When the cost-of-living crisis hit, and sales fell we were left very exposed and unable to trade effectively”.