The streetwear brand founded over 21 years ago has plunged into administration after making millions in profit during the pandemic and being worn by celebrities
A UK fashion brand, worn by the likes of Rihanna, has collapsed into administration after generating millions in profit in recent years.
Trapstar, founded in 2005, was loved by many celebs, with Stormzy also being seen in some of the brand’s clothing.
Now, administrators have been appointed as the business was unable to find financial backing.
Administrators from Interpath Advisory were appointed on Friday after a two-month long effort to gain financial support.
The streetwear brand grew in popularity amid the Covid pandemic, generating a whopping £40m in 2022 according to reports.
A spokesperson for the brand told the Sun : “Management have advised that recent revenue decline has primarily been driven by working capital constraints impacting inventory availability, rather than any underlying demand or brand performance.”
According to reports there is interest from potential buyers as the brand seeks to help combat challenges.
As the business goes through the insolvency process it is thought that Mike Ashley’s Frasers Group may place a possible bid.
The retailer released limited editions drops and was stocked in several department stores when operational, including Selfridges on Oxford Street.
The brand has 57 employees according to its latest accounts.
Despite revenue decreasing, in 2024 the firm’s revenue sat at £17million.
Profits also decreased over time with the firm going from turning over £7.4million to just £1.2million in 2023.
The four directors of the brand receive a combined yearly remuneration of £3.6million.
The Mirror contacted Trapstar for further comment.