Iconic bag maker Crumpler has been saved from administration by one of its founders and his daughter, after lockdowns pushed the business to the brink of collapse.
David Roper, who co-founded the business 26 years ago, has returned as chief executive and his daughter Virginia Martin, who owns the fashion label búl, will take on the role of creative director.
Speaking to SmartCompany, Martin noted how fast the process has been, with her and Roper needing to source funds “very quickly”.
The pair considered a range of options to help raise enough capital to pay the debts Crumpler owes to creditors as well as entitlements to staff.
“We didn’t really want to turn to private equity after what happened with Crescent, we thought about crowdfunding, but one of our factories was interested in partnering with us,” Martin says.
“So we started the conversation and made that happen.”
Crumpler will partner with a manufacturer in Hong Kong to lift the business out of voluntary administration under the guidance of Jason Glenn Stone of the accounting firm PKF melbourne.
The modern backpack and luggage brand was founded by Australians Roper, Will Miller and Stuart Crumpler in Melbourne in 1995.
In 2011, Crumpler sold his share to…
