The popular UK black-owned streetwear brand Trapstar has fell into Adminstration, citing challenging mounting retail pressure and their failiure to get fresh investment after two months. This led to Interpath Advisory being appointed Friday, June 30.
How Trapstar began:
The brand was founded in 2005 by friends Mikey Trapstar (Mikey Headley), Lee Trapstar (Lee Broderick), and Will Trapstar. The brand grew a localised following in their native West London due to their use of guerrilla marketing techniques and creating exclusivity by producing limited batches of their clothing. This led to high demand and a loyal cult following before they became a bigger name. They prioritised London’s underground music and street culture, allowing them to resonate authentically with youth and distinguishing them from competitors like Supreme or Palace.
Signing to Roc Nation:
As Trapstar gained traction in the UK Rap scene, many people who were involved in it in some capacity would don their clothing, even music executives & A&R’s.
In 2011 Roc Nation’s Jay Brown and Ty Ty invited Mikey, Lee, and Will to a meeting after seeing an A&R wearing a Trapstar hoodie. After two years of meetings & Jay-Z himself signing off on it, Trapstar would become the first-ever fashion brand signed to Roc Nation in 2013.
This partnership would lead to multiple celebrity endorsements from music stars such as Jay-Z, Rihanna, Central Cee and many others.
Trapstar’s Administration:
Trapstar’s fall from grace comes as retail insolvencies have risen 5% since 2024 whilst sales are 1.7% under pre-pandemic as per ONS statistics. Trapstar themselves have large downturns in trading over recent years, with revenues falling from just under £40million in 2022 to £17.7million by 2024 as per GB News.
The company’s profits also took a steep nosedive, declining from £7.4million to £1.2million during 2023. The advisers said:
“Management have advised that recent revenue decline has primarily been driven by working capital constraints impacting inventory availability, rather than any underlying demand or brand performance.”
Industry experts and sources claim that Mike Ashley’s Frasers Group is expected to examine a possible bid for the company through the insolvency and that other bidders are looking into this oppurtunity.
