'The Classic of Rain Boots' UK Hunter Boots Declares Bankruptcy After 170 Years of History

COVID-19, Brexit, Inflation, and Hot Weather
Facing Financial Difficulties... Selling Brands Including Authentic to US

The 170-year-old British Hunter Boots, known as the "standard of rain boots," has gone bankrupt. It collapsed after facing financial difficulties due to a series of major crises including Brexit (the United Kingdom's withdrawal from the European Union), the COVID-19 pandemic, inflation, and unusually warm weather.

Bloomberg reported on the 20th (local time) that Hunter Boots, once considered a "British icon," has entered administration, the UK equivalent of bankruptcy, after experiencing operational difficulties. Restructuring advisory firm AlixPartners revealed in a recent document submitted to authorities that Hunter Boots has faced severe challenges since 2019, with debts amounting to approximately ?115 million (about 190 billion KRW).

Hunter Wellington Boots (Photo by Hunter Boots SNS)

Hunter Boots began its business in 1857 in Edinburgh, Scotland, under the company North British Rubber, and has enjoyed widespread popularity for nearly 170 years, especially among the British. Its flagship product, the "Hunter Wellington Boots," sold at $175, has been worn by everyone from the British royal family to pop stars, becoming famous not only in the UK but worldwide.

Recently, interest in Hunter Boots has increased significantly in South Korea as rain boot sales have risen ahead of the monsoon season.

The downfall of Hunter Boots began with Brexit in January 2020 and the COVID-19 outbreak around the same time. Facing supply chain issues, Hunter Boots saw a 20% drop in sales and focused on raising cash and restructuring some ownership to resolve financial problems.

However, prices surged due to inflation, and demand declined last year due to abnormal temperatures, causing further damage. In fact, sales in the North American market fell by 15.4% last year due to warm and dry weather in the United States.

Ultimately, as part of restructuring, Hunter Boots sold its brand and intellectual property rights to Authentic Brands Group, a US-based brand management company. The deal was reported to be worth $125 million. Jamie Salter, CEO of Authentic, known for acquiring British luxury brand Ted Baker and global sports brand Reebok, said, "We hope the Hunter brand will continue to grow."

Hunter recently stated on social media, "Hunter is currently going through a transition," adding, "We will conclude the situation as quickly as possible, respond to customer needs, and return to normal operations."

This content was produced with the assistance of AI translation services.