New photo Luxury brand that sells £70 'hipster slippers' goes into administration

Mahabis called in administrators last night – despite boss Ankur Shah (pictured) boasting only two months ago that he was building the 'Nike of downtime'

A luxury maker of £70 'slippers for hipsters' has collapsed after racking up millions of pounds in debt.

Mahabis called in administrators last night – despite boss Ankur Shah boasting only two months ago that he was building the 'Nike of downtime'.

The firm did not give a reason for its collapse, but accounts show it owed £2.6million last year.

Mahabis was known for its slippers that had detachable rubber soles, meaning they could be worn both outside and inside.

Mr Shah, who has described his family's story as 'rags to riches', is the son of Indian parents who arrived in England during the 1970s as fully qualified doctors.

He studied law at King's College London and later passed the bar exams to practice as a criminal barrister, but quit the profession after making a bet in a pub that he could start a marketing agency and make it successful. 

The 38-year-old went on to found Techlightenment, a firm that won business from Vodafone, Sony and Paramount, before selling a majority stake for millions of pounds in 2010.

Mr Shah set up Mahabis four years ago while living in Islington when he realised more people searched online for slippers than they did for flip-flops. 

In a later newspaper interview, he said: 'I thought, 'I'm going to become the slipper baron of north London'.'

The firm advertised widely online through social networks such as Facebook and Instagram in a bid to attract younger customers.

The slippers were sold in 44 countries, with Mahabis claiming to have shifted millions of pairs. 

A luxury maker of £70 'slippers for hipsters', including the Mahabis Classic for £72, has collapsed after racking up millions of pounds in debt

It also expanded to other loungewear, watches, backpacks and items such as candles. Mr Shah said it reported £20million in sales in its third year.

He was so confident of his company's success that in October he told The Times that he planned to run it from a Spanish holiday resort for a month.

'I have checked,' he said at the time. 'There is meant to be good wifi.' But two months on the firm has collapsed.

A statement on its company's website now states: 'We are very sorry to report that Mahabis limited entered administration.

'We have, for the moment, ceased trading as the administrators take over the business. We are all desperately disappointed at this outcome.'

It also warns customers they may not get refund if they return their goods because of the administration process.

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News Pictures Luxury brand that sells £70 'hipster slippers' goes into administration

You don’t have to pack away your bikini just because you’re the wrong side of 20. These body-beautiful stars reveal their secrets to staying in shape and prove you can smoulder in a two-piece, whatever your age. Read on and be bikini inspired!

TEENS
Hayden Panettiere
Size: 8
Age: 18
Height: 5ft 1in
Weight: 8st

To achieve her kick-ass figure, Hayden – who plays cheerleader Claire Bennet in Heroes – follows the ‘quartering’ rule. She eats only a quarter of the food on her plate, then waits 20 minutes before deciding whether she needs to eat again.

Hayden says: “I don’t have a model’s body, but I’m not one of those crazy girls who thinks that they’re fat. I’m OK with what I have.”

Nicollette says: “I don’t like diets – I see it, I eat it! I believe in eating healthily with lots of protein, vegetables and carbs to give you energy.”

kim cattrall

Size: 10-12
Age: 52
Height: 5ft 8in
Weight: 9st 4lb

SATC star Kim swears by gym sessions with Russian kettle bells (traditional cast-iron weights) and the South Beach Diet to give her the body she wants. To avoid overeating, Kim has a radical diet trick – squirting lemon juice on her leftovers – so she won’t carry on picking.

Kim says: “I am no super-thin Hollywood actress. I am built for men who like women to look like women.”
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