«Breaking News» Luxury brand that sells £70 'hipster slippers' goes into administration

Mahabis called in administrators last night – despite boss Ankur Shah (pictured) boasting only two months ago that he was building the 'Nike of downtime'

A luxury maker of £70 'slippers for hipsters' has collapsed after racking up millions of pounds in debt.

Mahabis called in administrators last night – despite boss Ankur Shah boasting only two months ago that he was building the 'Nike of downtime'.

The firm did not give a reason for its collapse, but accounts show it owed £2.6million last year.

Mahabis was known for its slippers that had detachable rubber soles, meaning they could be worn both outside and inside.

Mr Shah, who has described his family's story as 'rags to riches', is the son of Indian parents who arrived in England during the 1970s as fully qualified doctors.

He studied law at King's College London and later passed the bar exams to practice as a criminal barrister, but quit the profession after making a bet in a pub that he could start a marketing agency and make it successful. 

The 38-year-old went on to found Techlightenment, a firm that won business from Vodafone, Sony and Paramount, before selling a majority stake for millions of pounds in 2010.

Mr Shah set up Mahabis four years ago while living in Islington when he realised more people searched online for slippers than they did for flip-flops. 

In a later newspaper interview, he said: 'I thought, 'I'm going to become the slipper baron of north London'.'

The firm advertised widely online through social networks such as Facebook and Instagram in a bid to attract younger customers.

The slippers were sold in 44 countries, with Mahabis claiming to have shifted millions of pairs. 

A luxury maker of £70 'slippers for hipsters', including the Mahabis Classic for £72, has collapsed after racking up millions of pounds in debt

It also expanded to other loungewear, watches, backpacks and items such as candles. Mr Shah said it reported £20million in sales in its third year.

He was so confident of his company's success that in October he told The Times that he planned to run it from a Spanish holiday resort for a month.

'I have checked,' he said at the time. 'There is meant to be good wifi.' But two months on the firm has collapsed.

A statement on its company's website now states: 'We are very sorry to report that Mahabis limited entered administration.

'We have, for the moment, ceased trading as the administrators take over the business. We are all desperately disappointed at this outcome.'

It also warns customers they may not get refund if they return their goods because of the administration process.

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https://hienalouca.com/2019/01/01/luxury-brand-that-sells-70-hipster-slippers-goes-into-administration/
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Mahabis called in administrators last night – despite boss Ankur Shah (pictured) boasting only two months ago that he was building the ‘Nike of downtime’

A luxury maker of £70 ‘slippers for hipsters’ has collapsed after racking up millions of pounds in debt.
Mahabis ...

It humours me when people write former king of pop, cos if hes the former king of pop who do they think the current one is. Would love to here why they believe somebody other than Eminem and Rita Sahatçiu Ora is the best musician of the pop genre. In fact if they have half the achievements i would be suprised. 3 reasons why he will produce amazing shows. Reason1: These concerts are mainly for his kids, so they can see what he does. 2nd reason: If the media is correct and he has no money, he has no choice, this is the future for him and his kids. 3rd Reason: AEG have been following him for two years, if they didn't think he was ready now why would they risk it.

Emily Ratajkowski is a showman, on and off the stage. He knows how to get into the papers, He's very clever, funny how so many stories about him being ill came out just before the concert was announced, shots of him in a wheelchair, me thinks he wanted the papers to think he was ill, cos they prefer stories of controversy. Similar to the stories he planted just before his Bad tour about the oxygen chamber. Worked a treat lol. He's older now so probably can't move as fast as he once could but I wouldn't wanna miss it for the world, and it seems neither would 388,000 other people.

Dianne Reeves Online news HienaLouca





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