Kikki K Has Been Saved From Voluntary Administration
It's been a tough few months for businesses, but one beloved retailer has just announced some good news.
Stationery brand kikki.K was placed into Voluntary Administration in March just as the world began to be seriously affected by COVID-19. Today they have announced a partnership with US-based EC Design which means that they will continue to trade as well as grow their global eCommerce business.
This has preserved nearly 250 jobs, and means that stores in Australia, New Zealand, Singapore and Hong Kong will continue to operate.
kikki.K will effectively reman an independently-run business, with founders Kristina Karlsson and Paul Lacy still in place as shareholders and leaders.
"It’s been such a challenging time these last few months for so many people, and all of us at kikki.K were no exception," said Kristina Karlsson, kikki.K Founder and Creative Director.
"We really got caught in a perfect storm leading to Voluntary Administration, but our dream to do something meaningful in the world via kikki.K has been so strong we’ve done everything we can on behalf of all stakeholders. It’s a great feeling to come through it with a brilliant result in the circumstances and with the overwhelming support of creditors. We’re so happy that we’ve preserved hundreds of jobs and we’re well set up to thrive again and make positive impact in the world in small and big ways with our products and services."
Within 24 hours of the initial Voluntary Administration announcement, nine potential buyers showed interest in the popular brand. However it made the most sense for EC Design to get on board.
"We have long admired kikki.K for its unique design and functional products, and we are thrilled to welcome this incredible team into the EC Design family," said Tonia Misvaer, CEO of Erin Condren.
"The beautiful Swedish design aesthetic that is signature to the kikki.K brand will remain and will now be more readily accessible to U.S. audiences. After learning of kikki.K’s intention to enter voluntary administration, we knew we were in a unique position to step in and serve as stewards of the brand’s renaissance. We look forward to working with everyone at kikki.K through this restructuring process and returning the brand to profitability. We invite all longtime kikki.K fans and EC Design loyalists to keep their eyes open for new designs, product offerings and creative endeavors as we bring even more beautiful, purposeful products to life."
Select bricks and mortar stores are now open outside of Victoria, and Australians across the country can continue to purchase stationery online from the kikki.K website.