Fox shared the statement on social media, conceding that just like any company, they have faced struggles behind the scenes.
She revealed they have not been able to crack the mass-market adoption they once thought possible, and that they would be “saying goodbye to many of our wonderful teammates” while helping them to transition to new employers.
“We remain passionate and positive about our vision for the future of fashion retail. But we are making the difficult decision today to pause orders and actively assess all our options to either sell, or at a later date, reboot the business with substantial changes.”
The Shoes of Prey website reveals that it’s no longer taking orders, and has informed customers that any existing orders that are unable to be filled will be refunded.
Shoes of Prey recently appointed Ohana & Co, an investment bank, to explore options for refinancing or selling the company, according to The Australian Financial Review, which also claims the business reportedly lost $6 million last financial year.
Fox writes today that the business had a vision that women shouldn’t have to settle for mass-produced sizes and styles that were chosen for them. “We saw a future where women around the world could design their own shoes, in their absolutely perfect size, and have it made just for them.”
And while the early signs were great, and they were profitable very quickly and able to bring on world-class investors and advisors — and build a global community of shoe lovers in the process — that they could still not achieve the scale they needed.
“Trying to create something that no one else has done before is a wonderful mix of belief and optimism, from yourself and the visionary investors who all have a healthy risk appetite,” she writes.
“I hope that we leave a strong legacy for other to learn from and adapt, and it is our aim to be able to build on this in the future as well.
“We were able to change the retail supply chain model, help retailers and designers reduce waste, make mass customisation real, and combat the impact of fast fashion.
“I will watch with great support and hope as other brands can pick up where we’re leaving off for the moment.
“Today is a sad moment. And I have to admit, writing this note is not where I wanted to be. It breaks my heart. Nevertheless, I will continue to share our story and more details now and into the future, so that others can learn from our experience.”