Luxury leather goods retailer Mon Purse collapses into liquidation

Lana Hopkins Mon Purse

Mon Purse co-founder Lana Hopkins.

Luxury leather goods retailer Mon Purse has entered liquidation and reportedly ceased trading, amid complaints from customers saying they have been waiting for weeks to receive their orders. 

Liquidators from Wexted Advisors are seeking “urgent” expressions of interest for the business and its assets, according to the Sydney Morning Herald, following their appointment on December 11. 

According to a notice on the Mon Purse website, the business’ online store is undergoing “scheduled maintenance” and its made-to-order range is “temporarily unavailable due to the current effects of COVID-19”. 

A number of customers have taken to the brand’s Facebook page in recent weeks to complain about orders not being fulfilled, with some saying they have been unable to contact the company.

In October, the retailer offered a 40%-off storewide sale to its email subscribers but has not emailed the database since. Similarly, the business’ Facebook and Instagram accounts have not been updated since mid-October.

Mon Purse was founded in 2014 by Lana Hopkins and Andrew Shub, after Hopkins famously developed the idea during a build-a-bear workshop at Bondi Junction with her nephew. 

Mon Purse allows customers to monogram, customise and design their own luxury handbags and leather goods.

The concept proved popular with shoppers, with Mon Purse opening a number of its own boutiques, as well as concessions in Myer department stores, and securing deals with international retailers Bloomingdale’s and Selfridges.

In early 2016, Mon Purse had turned over more than $1 million in the space of three months alone and was expecting to reach more than $10 million in sales by the end of that year. 

In its six years, the startup raised about $9 million from investors, including high-profile entrepreneurs Catch co-founder Gabby Leibovich and Airtasker co-founder Jonathan Lui.

Hopkins is no longer directly involved with the business, having resigned from the role of chief executive and as a board member in 2018.  Shub, who is chief operating officer, remains a director of the business.

Hopkins told the SMH today she was saddened and “extremely disappointed” to see the business enter liquidation.

Andrew McCabe from Wexted Advisors said the liquidators are still determining the cause of the company’s collapse.

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

SmartCompany has contacted Mon Purse and Wexted Advisors and is waiting for a response.

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