Popular South African sneaker and apparel brand Drip is making headlines after the Gauteng High Court ordered its liquidation.
The order came against Drip Footwear owner Lekau Sehoana’s financial dispute with creditors.
POPULAR SNEAKER BRAND LIQUIDATED AFTER FIVE YEARS
The popular sneaker brand was dragged to court by Wideopen Platform, a company that majors in advertising for unpaid services.
Celebrated legal expert Kim Warren represented the advertising company from KWA Attorneys. The court heard that Wideopen was owed R20 million for advertising services.
However, since the liquidation order was granted, the company has laid off several workers from its 14 stores nationwide.
Barely after the liquidation order, the sneaker brand that had forged a successful five-year journey saw some of its assets taken while other stores closed down.
The sneaker brand had a promising start, tagging along a host of celebrated A-listers, including Cassper Nyovest, to make the brand known.
On 8 June 2021, Cassper Nyovest signed an equity partnership deal with Drip Footwear owner Lekau Sehoana. The R100 million equity deal was dubbed the ‘The Legacy Deal.’
However, to celebrate the one-month partnership, the two entrepreneurs unveiled their first sneaker line together, ’The Roof Of Fame 990,’ at a conference hosted on 8 July 2021.
EFF LEADER JULIUS MALEMA CALLS OUT PATRICE MOTSEPE AMID DRIP’S LIQUIDATION
However, against the company’s liquidation, several politicians and celebrities have since shared their concerns.
EFF leader Julius Malema was one of the politicians who questioned why Drip wasn’t rescued since it was a growing brand which was doing well.
He made the remarks during an EFF presser that has since gone viral. Julius Malema also revealed he would meet with Lekau Sehoana to discuss the matter.
EFF President Julius Malema also seemingly dragged billionaire Patrice Motsepe into the mix as he made a plea for help.
Julius Malema said, “I have a meeting with Drip owner Lekau Sehoana tomorrow (today). I want to understand what is going on. I want details of what is really going on.
“Because at phase value, Drip is doing well and was a growing brand. Why is there no business rescue? We just go to liquidation. Where is Patrice Motsepe when we need him?”
WHAT DO YOU THINK OF DRIP’S LIQUIDATION?
Let us know by clicking on the comment tab below this article or by emailing info@thesouthafrican.com or sending a WhatsApp to 060 011 021 1.
You can also follow @TheSAnews on X and The South African on Facebook for the latest news.
