Trapstar is in administration as buyers circle

London-based streetwear label Trapstar — or more accurately Trapstar International Limited — is in the sights of various potential buyers after it entered administration having failed to find new investment.

The administration and sale of the business is being handled by Interpath Advisory with reports suggesting that serial acquirer Frasers Group is interested, as is fast-expanding Footasylum.

The 21-year-old company had been seeking new funding for the past couple of months but Trapstar International Limited entered administration late last week. The firm had a staff of 57 immediately prior to the filing.

Trapstar was founded by a trio of friends who printed their own T-shirts and sold them around Portobello Market. It grew through word-of-mouth and always cultivated an air of exclusivity with limited drops promoted via social media.

That, and its designs, clearly appealed to a host of celebrities such as Rihanna, Stormzy and Jay-Z who wore its collections. It also favoured collaborations, notably with Puma a decade ago and most recently with OM New York this spring.

Reports said the label generated £100 million+ in funding in total since it started but revenue peaked at a little below £40 million in 2022. Accounts for 2023 showed average order values and customer numbers down while the operating margin plunged. And revenue more than halved from that 2022 figure during its 2024 trading year.

Management has said that “working capital constraints impacting inventory availability, rather than any underlying demand or brand performance” drove the revenue decline. But it has also talked of a “challenging” time in which customers and suppliers felt the impact of inflation.

Interpath said it’s hoping a sale will happen quickly.