Streetwear Brand Faces Challenges Post-Covid

  • Hype co-founders resign
  • Brand entered administration due to falling sales and excess stock post-Covid
  • Quantuma Advisory appointed joint administrators
  • Birmingham-based investor Sarjan Dulai acquired the group
  • Mike Thompson appointed as CEO, Shireen Saloojee as COO

Leicester-based streetwear brand Hype has faced significant changes in its leadership team, with co-founders Liam Green and Bav Samani departing the company after it entered administration on 31 March 2023 due to falling sales and excess stock post-Covid. Carl Jackson and Kelly Mitchell of Quantuma Advisory were appointed as joint administrators, and Birmingham-based investor Sarjan Dulai acquired the group. Hype has now appointed Mike Thompson as its new CEO and Shireen Saloojee as COO. In a LinkedIn post, the company acknowledged the founders’ 12-year journey and their dedication to the brand, stating that they have decided to pursue new ventures after ensuring a smooth transition for the new owners.

Factuality Level: 8
Factuality Justification: The article provides accurate information about the departure of co-founders Liam Green and Bav Samani from Hype, the reasons for their departure (falling sales and excess stock post-Covid), the appointment of new CEO Mike Thompson and COO Shireen Saloojee, and the involvement of administrators Carl Jackson and Kelly Mitchell. The article also provides a statement from Hype about the founders’ contributions to the company. It is well-researched, objective, and free from sensationalism or personal bias.
Noise Level: 3
Noise Justification: The article provides relevant information about the departure of co-founders from a streetwear brand and their reasons for leaving, as well as the appointment of new executives. However, it lacks in-depth analysis or exploration of long-term trends or consequences of decisions. It also does not offer significant actionable insights or solutions.
Financial Relevance: Yes
Financial Markets Impacted: The departure of co-founders and change in leadership may impact the financial performance and direction of the company, affecting its stock value and investor confidence.
Financial Rating Justification: This article discusses the departure of co-founders from a streetwear brand that entered administration due to falling sales and changing ownership. The new CEO and COO appointments indicate potential changes in the company’s financial strategy and direction, which may affect its performance and stock value.
Presence Of Extreme Event: No
Nature Of Extreme Event: No
Impact Rating Of The Extreme Event: Minor
Extreme Rating Justification: No extreme event mentioned in the article, just a change in leadership and ownership of the company due to financial difficulties.

Reported publicly: www.retailsector.co.uk