Ksubi Directors Statement On Va

PRESS RELEASE - FOR IMMEDIATE RELEASE

Today Dan Single and George Gorrow, cofounders of ksubi, announced that as
part of a restructure the Tsubi Pty Ltd group of companies has been placed into
voluntary administration.

In recent times ksubi has made significant attempts to address its financial difficulties including, licensing the manufacturing and distribution of the brand to a culturally aligned, Australian-based company with overseas production experience and networks. However, despite best efforts it has not been possible to formalise a new restructure leading to the appointment of an administrator.

ksubi is grateful for the loyalty shown by its suppliers through this difficult period.

Co-founders George Gorrow and Dan Single said:
"We have been struggling to achieve the margin necessary to fund the growth and development of the brand. It is disappointing to enter into voluntary administration but we firmly believe it is the only way to ensure the future of ksubi. We are and will remain fully committed to the ksubi brand and in assisting the administrator to achieve the best possible outcome."

Ends

ksubi profile

ksubi is one of the most recognised fashion labels in Australia. For nine years, ideas, individuality and authenticity has developed the Australian brand into an underground subculture, a lifestylean international presence with a cult following. Dan Single and George Gorrow, co-founders and directors of the brand, created ksubi as a culture of fashion, music, design and art. ksubi is a collective. It is not influenced by consumer trends and has inadvertently become a social commentator of its generation.

The boys behind ksubi, their conceptual feats, topical fashion style, signature
denim and eyewear has led the brand to exponential popularity, placing them well
into the international sphere. ksubi has three stores in Australiatwo in the
Sydney, one in Melbourne - and one in New York.

Today ksubi is sold across 15 countries in 200 high end department stores and
boutiques including Barneys, Nordstrom's, Selfridges, Colette, Lane Crawford,
General Pants and David Jones. ksubi is a premium denim lifestyle brand across
multiple lines including men's and women's denim, fashion, eyewear , footwear
and accessories.

SOURCE: Ksubi