Mon Purse to be reborn after COVID travel ban causes collapse
Summary
Failed handbag seller Mon Purse will be reborn as an online-only retailer by a group of new and old investors after an oversupply of travel bags and accessories led to the companys demise in December.Silicon Valley-based private equity company Partners for Growth (PFG) and local turnaround firm Olvera Advisors announced on Monday they had acquired the assets of Mon Purse following the collapse of the custom fashion company last year.Olvera principal Damien Hodgkinson told The Age and The Herald the business downfall was in part due to an overstock of travel-related goods, which the company found itself unable to sell as borders slammed shut in March. [Mon Purse] ended up holding a whole bunch of travel inventory, and once the borders closed down they were stuck with a lot of stock that had very limited resale value, he said.