Stax activewear brand enters receivership as business undergoes assessment

The Australian activewear brand Stax has entered receivership, leaving the future of the once-rapidly expanding business in the hands of external managers. The company, which gained international attention for its inclusion of a wide range of sizes and its associations with global celebrities, appointed FTI Consulting to oversee its operations effective 24 June 2026.

Joseph Hansell and Asjadi Hone of FTI Consulting have assumed the roles of receivers and managers. According to statements provided by the firm, the business is currently undergoing an urgent assessment to determine whether it can be salvaged or sold to new ownership. Despite the change in management, the company continues to trade as usual, maintaining its online store and its two remaining physical locations in Sydney’s CBD and Liverpool.

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The appointment of receivers typically occurs when a business entity defaults on loans or breaches its contracts, triggering their secured creditor – often a bank – to appoint a receiver to take control of the business and recover debts. This development follows a period of significant economic volatility for the retailer. While activewear brands profited from the casualisation of clothing during pandemic lockdowns, the market became oversaturated and higher interest rates and inflation led to reduced demand and higher costs.

The brand was established in 2015 by South African designer Don Robertson, who initially operated the business from his mother’s house. Before it became an activewear brand, Stax was a supplement business called Muscle Stax that was ultimately seized by liquidators when the Perth gym to which Robertson was selling it collapsed. This led him to pivot to selling hoodies, which were so popular he rebranded Stax as an activewear label. He was later joined by his wife, Matilda Murray, who assisted in the development of products for a female consumer base. The company relocated its operations to Sydney in 2019.

At its peak Stax aggressively expanded its physical store footprint and operated at least eight stores, but shuttered six in 2025 – including Broadway Sydney and QV Melbourne – amid rapidly rising interest rates. Despite the current insolvency proceedings, receivers have expressed optimism regarding the underlying health of the brand’s customer base.

"Stax is a well-known Australian brand with strong customer support. Stax has done something genuinely impressive proving that premium activewear does not have to choose between performance and style."

Joseph Hansell, FTI Consulting receiver, via Inside Retail

The label’s reach has been significant, with products worn by high-profile figures including Jennifer Lopez, Lizzo, Megan Fox, Rita Ora, Hailey Bieber, and Addison Rae. Robertson has grown the business by selling limited-edition collections with influencers and celebrities including OnlyFans creator Anna Paul and fitness app KIC founders Steph Claire Smith and Laura Henshaw. A 2022 collaboration with TikTok influencer Anna Paul resulted in a Perth pop-up store that drew such large crowds it necessitated police intervention for crowd management.

The company, which maintains a workforce of more than 50 staff, is currently running a sitewide promotional sale with discounts reaching up to 50 per cent. As of 2022, the business was valued at $52 million, with the founders appearing on the Australian Financial Review’s Young Rich List that same year. By 2025, estimates suggested the couple was worth approximately $70 million.

The receivership process is set to continue as the management team concludes their evaluation of the company's assets and liabilities. Future updates regarding the potential sale or restructuring of the brand are expected from FTI Consulting as the review process unfolds.