{"id":160859,"date":"2019-01-18T07:35:17","date_gmt":"2019-01-18T07:35:17","guid":{"rendered":"https:\/\/www.theindustry.fashion\/slipper-brand-mahabis-rescued-by-simba-sleep-founder\/"},"modified":"2021-08-12T13:54:54","modified_gmt":"2021-08-12T13:54:54","slug":"slipper-brand-mahabis-rescued-by-simba-sleep-founder","status":"publish","type":"post","link":"https:\/\/www.theindustry.fashion\/slipper-brand-mahabis-rescued-by-simba-sleep-founder\/","title":{"rendered":"Slipper brand Mahabis rescued by Simba Sleep founder"},"content":{"rendered":"
Direct-to-consumer slipper brand Mahabis has been rescued from administration by one of the founders of mattress start-up Simba Sleep<\/strong> and his boutique investment firm, who says it has the potential to become \"the next Ugg\".<\/p>\n The acquisition by YYX Capital safeguards the jobs of all 16 employees<\/strong> at the company.\u00a0James Cox, Simba co-founder and co-head of YYX, will take over as interim CEO of Mahabis during the handover period and oversee a plan to overhaul its product and marketing.<\/p>\n Mahabis was founded in 2014 and grew rapidly by targeting millennials with luxury woollen slippers that can be worn outside using detachable rubber soles.\u00a0It sold almost a million pairs in just four years.<\/strong><\/p>\n The business went into administration in late December last year, putting the future of the business in doubt. However\u00a0Cox said there was still value in the brand and potential for it to become a \u00a3100 million business in five years.<\/strong>\u00a0\u201cThere\u2019s no reason Mahabis can\u2019t be like Ugg,\u201d he said.<\/p>\n